Uganda Reinsurance Company Limited (Uganda Re) is a reinsurance company based in Kampala, Uganda and the country’s first and only local reinsurance company. The company is governed by the Insurance Act of Uganda caption 213 and the Insurance (Amendment) Act No. 13 of 2011 and is licensed by the Insurance Regulatory Authority of Uganda (IRA) as a composite reinsurer to transact both life and non-life reinsurance business.
Uganda Reinsurance Company commenced trading operations in June, 2013 having been licensed by the IRA on 6th May, 2013. The company currently benefits from a 15% mandatory cession of all facultative and treaty reinsurances in Uganda as provided for by the mentioned Act and Regulations of the IRA.
With a client base including all insurance companies in Uganda, Uganda Re also underwrites risks from across the African Continent and Indian Ocean Islands and is committed to positioning itself as a regional capacity and risk solutions provider. The company has excellent strategic partnerships with reputable regional and international reinsurers and reinsurance brokers.
Uganda Re underwrites all classes of insurance business including life, health, casualty, transport, fire and engineering business and has sufficient underwriting capacity to meet business partners’ requirements supported by adequate retrocession protection from highly and internationally rated retrocessionaires.
To be a prominent reinsurance and risk management services provider
To be the preferred provider of professional reinsurance and risk management services and a strong security to our business partners
- Reliability and quality in meeting customer needs and expectations
- Fostering long-term relationships with stakeholders through efficiency and fair-play
- Continuously improve and develop products that suit client needs
- Integrity and professionalism in the conduct of business
- Be a responsible corporate citizen
- To provide adequate compensation to all stakeholders
- Attract, develop and empower local talent
The Company operates in a highly regulated industry with stringent licensing requirements ranging from management and technical capacity to minimum capital requirements, security deposit, returns, audited accounts and others. Non-compliance with prescribed requirements and regulations may give rise to this risk whereby sanctions may be imposed by the Insurance Regulatory Authority of Uganda