As part of its growth strategy First Mutual Holdings Limited has set up a holding company to consolidate its Botswana and Zimbabwe reinsurance operations and drive business into the SADC region and beyond. The first step of this initiative was for FMHL to move both its reinsurance subsidiaries into a reinsurance holding company, First Mutual Reinsurance Holdings (Proprietary) Limited, based in Botswana. The next step was to bring on board a strategic partner Aleyo Capital Proprietary Limited, a Botswana-based investment and asset management firm specialising in private equity and mezzanine investments in southern Africa. Aleyo Capital Proprietary Limited has acquired 29.1 percent shareholding in the First Mutual Holdings Limited’s (FMHL) re-insurance business for P 61 million.
This partnership will result in one of the strongest and most competitive reinsurance businesses in Africa and will help the business expand its market presence to East and West Africa. Botswana is one of the best performing and most consistent economies in Africa with a robust financial services regulatory framework. Geographically it is at the centre of SADC which gives it central access to 400 million SADC population as a market bloc