Real Insurance Company of Malawi
| Company type | Public |
|---|---|
| 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:
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Real Insurance Company of Kenya | 65 |
| 2 | Other shareholders | 35 |
| Total | 100.00 |
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
- ^ a b c "REAL Insurance Company of Malawi - About us". REAL Insurance Company of Malawi. Retrieved 12 May 2015.
- ^ a b Helema, Innocent (11 August 2014). "Britam & Real Complete Deal". The Nation (Malawi). Retrieved 30 November 2014.
- ^ "Case No IV/M.759 - Sun Alliance / Royal Insurance - Regulations (EEC) No 4064/89 Merger Procedure" (PDF). European Commission. 18 June 1996. Retrieved 15 May 2015.
- ^ Britam, . (24 January 2014). "Britam Shareholders Circular of 24 January 2014, Pages 26 & 27" (PDF). British-American Investments Company (Britam). Retrieved 30 November 2014.
{{cite web}}:|first=has numeric name (help) - ^ Britam, . (24 January 2014). "Britam Shareholders Circular of 24 January 2014" (PDF). British-American Investments Company (Britam). Retrieved 30 November 2014.
{{cite web}}:|first=has numeric name (help) - ^ "REAL Insurance Company of Malawi - Board of Directors". REAL Insurance Company of Malawi. Retrieved 15 May 2015.