FMHL sanctions transfer of TristrarInsurance business to NicozDiamond

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    Harare – The Directors of TristarInsurance and NicozDiamond on Monday officially approved the proposed transfer of TristarInsuarance Company Limited Business to NicozDiamond Insurance Limited.

    In a notice on African Financial the Directors said the proposed transfer of TristarInsuarance Company Limited Business to NicozDiamond Insurance Limited is in terms of section 33 (4) (A) of Insurance Act [Chapter 24.07]

    “Notice is hereby given by the Directors of TristarInsuarance Company Limited (TristarInsuarance) and NicozDiamond Insurance Limited (NicozDiamond) that TristarInsuarance and NicozDiamond intend to make an application to the Minister of Finance and Economic Development in terms of Section 33(4) (a) of Insurance Act [Chapter 24:07], to sanction the transfer of business from TristarInsuarance to NicozDiamond.

    “The transfer is subject to all requisite regulatory and corporate approvals being obtained.Any person who wishes to make any representations regarding the above mentioned transaction should lodge them, in writing, with the Commissioner of Insurance and Pension And Provident Funds.”

    In December last year First Mutual Holdings Limited (“FMHL”) received regulatory approval for the acquisition of the entire issued share capital of NicozDiamond Insurance Limited (“NDIL”).

    The National Social Security Authority (“NSSA”) transferred to FMHL 300,263,184 (three hundred million two hundred and sixty three thousand one hundred and eighty four) NDIL shares constituting 50.89 percent of the entire issued shares of NDIL.

    In consideration for the NDIL stake, FMHL has issued and allotted 59,813,383 (fifty nine million eight hundred and thirteen thousand three hundred and eighty three) FMHL shares to NSSA.

    Accordingly, NDIL became a subsidiary of FMHL.

    FMHL further communicated that operations of NDIL and Tristar Insurance Company Limited (“Tristar”) will be merged through the acquisition of Tristar by NDIL or through any other appropriate mechanism.

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