Reinsurer seeks refuge in Botswana

19

FIRST Mutual Holdings (FMH) is relocating its reinsurance business, First Mutual Reinsurance Company (FMRC), to Botswana to escape the limitations of the local operating environment, which has been fouled by a chronic currency crisis. It comes as a worsening economic crisis in Zimbabwe, headlined by foreign currency shortages, has inhibited local reinsurers from underwriting more…