Real Insurance Company of Malawi

Real Insurance Company of Malawi
Public
Traded as MSE:REAL
Industry Financial services
Founded 1959
Headquarters Blantyre, Malawi
Key people
 Grant Mwenechanya - CEO
Thomas Kanyuka - Chairman
Benson Wairegi - Director
Products Insurance
Parent Britam
Website Homepage

Real Insurance Company of Malawi Limited, commonly referred to as Real Insurance, is an insurance company based in Blantyre, Malawi.[1]

Overview

Real Insurance is the only listed insurance company on the Malawi Stock Exchange[2] and offers a wide range of insurance products to both corporate and individual clients through its branch network across Malawi.[1]

Real Insurance is the oldest insurance company in Malawi.[1]

History

Real Insurance Company of Malawi started operating in 1959 as Royal Insurance Company of Malawi, as a branch of UK based Royal Insurance. Following the merger of Royal Insurance and Sun Alliance in 1996,[3] the business became part of the RSA Insurance Group. In 2000, the RSA Insurance Group decided to reorganize its Africa business. This reorganization led to incorporation of the subsidiary and transfer of its ownership to Kenyan-based REAL Insurance Company of Kenya Limited.

29 September 2008, Real Insurance Company of Malawi's shares started trading on the MSE after a successful IPO that was over-subscribed by 300%.[2]

The company became a member of the British-American Investments Company in 2014 after the successful acquisition of its parent company through a deal that was valued at approximately US$16 million.[4]

Ownership

The shares of the stock of Real Insurance are traded on the Malawi Stock Exchange, under the symbol: REAL. The shareholding in the company's stock is as follows:

Real Insurance Company of Malawi Stock Ownership
Rank Name of OwnerPercentage Ownership
1Real Insurance Company of Kenya 65
2 Other shareholders 35
Total100.00

Britam

Real Insurance Company of Malawi Limited is a member of the British-American Investments Company (Britam) Group, an East African financial services group, with headquarters in Nairobi, Kenya and listed on the Nairobi Securities Exchange. Britam has operational subsidiaries in seven Africa countries with investments ranging from insurance, real estate, asset management and banking.[5]

Governance

Real Insurance is governed by a six-person Board of Directors with Thomas O. B. Kanyuka as the chairman and Grant Mwenechanya as the CEO.[6]

See also

References

  1. 1 2 3 "REAL Insurance Company of Malawi - About us". REAL Insurance Company of Malawi. Retrieved 2015-05-12.
  2. 1 2 Helema, Innocent (11 August 2014). "Britam & Real Complete Deal". The Nation (Malawi). Retrieved 30 November 2014.
  3. ↑ "Case No IV/M.759 - Sun Alliance / Royal Insurance - Regulations (EEC) No 4064/89 Merger Procedure" (PDF). European Commission. 1996-06-18. Retrieved 2015-05-15.
  4. ↑ Britam, . (24 January 2014). "Britam Shareholders Circular of 24 January 2014, Pages 26 & 27" (PDF). British-American Investments Company (Britam). Retrieved 30 November 2014.
  5. ↑ Britam, . (24 January 2014). "Britam Shareholders Circular of 24 January 2014" (PDF). British-American Investments Company (Britam). Retrieved 30 November 2014.
  6. ↑ "REAL Insurance Company of Malawi - Board of Directors". REAL Insurance Company of Malawi. Retrieved 2015-05-15.
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