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What is reinsurance?
Reinsurance is a risk transfer mechanism where one insurance company purchase cover from another insurance company (the reinsurer) for a risk that the first insurance company is insuring. In other words, reinsurance is the insurance of an insurance company.  

Importance
The purpose of insurance is to reduce the financial cost to individuals and corporations, otherwise known as the insured in insurance terms. The insurance company provides cover to the insured guaranteeing that the policy holder will be indemnified for part of the financial losses resulting from the insured contingent events. The insurance company is able to achieve this goal by pooling many liabilities (risks) from the market to make total losses more predictable and less risky compared to an individual or company providing for their own contingencies. Reinsurance allows the insurance industry to spread its losses among more companies, lessening the impact of claims on any one company. This helps assure that a few big claims will not affect the solvency of an insurance company.

FBC Reinsurance provides risk transfer solutions to insurers in Africa and beyond. Our major role is to provide underwriting capacity to allow the insurance company to assume greater individual risks than its size would otherwise allow, protect the insurer’s (i.e. cedant’s) balance sheet against catastrophic losses and larger than predicted accumulation of claims, management advise, risk management, and financial management.

Products and solutions
FBC Reinsurance provides a wide range of facultative and treaty reinsurance solutions, both on a proportional and non-proportional basis, depending on the risk transfer requirements of each specific client. We provide risk transfer solutions for the following classes:

• Fire
• Engineering
• Motor
• Miscellaneous accident classes
• Marine

Alternative solutions
The hyperinflationary environment prevailing in Zimbabwe currently has presented serious indemnity challenges to the insuring public. FBC Reinsurance, in partnership with our local clients, has designed foreign currency account denominated products to provide full indemnity for our valued clients. FBC Reinsurance underwrites business from the African continent and beyond, thus the sizeable foreign cash holdings from international business provides security for our local clients. We continuously work with our local and international partners to find and provide total risk transfer solutions for the insuring public.

Financial Security
We guarantee financial security to our clients through a secure retrocession programme provided by our internationally recognized partners in Europe through internationally acclaimed reinsurance brokers (such as J B Boda of India and Benfield Greig of London). FBC Reinsurance is presently rated BBB+ by the Global Credit Rating agency of South Africa. This credit rating is a sign of our strong claims-paying ability, in other words the dependable financial security that we accord to cedants who transact through us. The company also boasts of the explicit guarantee from the holding company, FBCH, from which we enjoy diverse synergistic  relations to the benefit of the cedant.

Service
We, as part of the FBC Group, pride ourselves of the best service delivery levels in the country through the adoption of the serve+ philosophy to doing business. We thrive to maintain excellent standards by meeting claims obligations beyond expectation. The FBC Reinsurance team consists of motivated professionals who have expertise in sound underwriting, risk management and strategy.