adminBrighton Gumbo Business Reporter
ZB HOLDINGS has pulled out of Alexander Forbes Zimbabwe, prompting the third largest insurance broking firm in the country to rebrand and restructure its operations.
Alexander Forbes has since been changed to Willis Faber Dumas and Roland (WFDR) Risk Services (Pvt) Ltd.
Speaking on the sidelines of the launch of its new brand in Bulawayo last week, WFDR general manager Mapiye Chigorondondo said the rebranding was necessitated by the coming on board of new shareholders following ZB Holdings’ departure.
“ZB Holdings pulled its 40 percent shareholding from the company in the midst of its desire to part from non-banking units,” said Chigorondondo.
“The local entity Asimba Private Equity Partners bought the disposed ZB bank shares to become the majority shareholders in the company.”
He said the firm will remain a corresponding office for the Willis Group whose network of offices spans across the globe.
Chingorondondo said the uniqueness and affordability of the company’s products and services would remain crucial with focus on market segments that have been traditionally underserviced.
“As one of the top three insurance brokers who control more than 40 percent of the market, we believe WFDR Risk Services can get a bigger slice of this with the support of our clients,” he said.
Chigorondondo said the company was looking forward to adding more units to the entity, which include employee benefits, wealth management among others.
“We’re extremely positive about the future of Africa and have plans to grow our business from a Pan African perspective,” he said.
“However, this doesn’t mean we’ll rush in with our eyes closed. For now we see significant opportunities right here at home and this will be our major focus.”
Chigorondondo said while the challenging economic conditions persist, the company has a plan to remain afloat to the year 2020 and beyond, which will provide an upper hand over competitors.
WFDR Risk Services has been operation in Zimbabwe since 1977 trading under various names since then from Willis Faber Syfrets (Private) Limited, Willis Faber and Associates (Private) Limited, Willis Corroon (Private) Limited and as Alexander Forbes Risk Services Zimbabwe (Private) Limited.
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