Reinsurer seeks refuge in Botswana

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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…