adminConrad Mwanawashe Harare Bureau
NICOZDIAMOND has secured a portfolio of new large corporates through strategic global partnerships that will drive new business for the group going forward. The corporates are in the manufacturing and financial services sectors. The group’s managing director Grace Muradzikwa could however not disclose the identities of the corporates.
She told an analysts’ briefing on NicozDiamond half year to June results on Friday that the group has secured global strategic partnerships with four international insurance brokers.
Muradzikwa said NicozDiamond is now the preferred underwriter for Zurich global network.
“If we continue dealing as if we are in a village without realising that we are in a global environment and you start to see reductions in revenue and some pockets of increases in other areas and you do not really understand what is driving them. We are mindful of these developments,” said Muradzikwa.
“We are now the preferred underwriter for AIG Global. That’s a huge company.
“We have also become the preferred partners for a French broker which is called Gras Savoye. These arrangements we have extended them to everywhere where we have a presence,” she said.
She said NicozDiamond is in the final stages of finalising with Germany’s largest insurance group known as The Alliance Group.
“We will be coming back to the market with more details on this,” said Muradzikwa.
NicozDiamond realised about $17.9 million in gross premium written in July a one percent increase from $17.7 million in July 2013.
The group reported a one percent decrease in GPW to $15.8 million in the six months to June this year from $15.9 million in the same period last year.
Underwriting profit shot 67 percent to $1.1 million in the first half from $678,000 in the comparative period. Net premiums earned raced 13 percent up to $9.1 million in the first half of this year from $8.1 million the same period last year.
Net cash from operating activities increased to $948,000 in the first six months this year from $690,000 in the comparative period last year.
NicozDiamond reported an eight percent decrease in the motor class business’ contribution to the group’s revenue from 50 percent to 47 percent but the company said this was a positive prove as it helps the group to rationalise sources of income.
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