HARARE: Alexander Forbes Zimbabwe has rebranded to Willis Faber Dumas and Roland (WFDR) Risk Services (Pvt) Ltd and is eyeing a 25% market share by the end of 2016.
WFDR general manager Mapiye Chigorondondo told journalists on Wednesday that the top three insurance brokers have a combined market share of 40%, presenting an opportunity for other players to increase market share.
“You find that we are one of the top three brokers in the industry and you find that the top three insurance brokers control 40% of the market. We must be 10% or so of that, so as our target for the entire market we are looking at around 20% to 25%,” Chigorondondo said.
“We have got ZB Holdings moving out and other shareholders that have actually come in, the reason for the rebranding.” ZB Holdings pulled its 40% shareholding from the company amid its desire to divest from non-banking units.
Local investment vehicle Asimba Private Equity Partners acquired the disposed ZB Financial Holdings shares to become the majority shareholders in the company.
Chigorondondo said while the uniqueness and affordability of the company’s products and services would remain crucial, focus had to be put on segments of the market that have been traditionally underserviced.
“We understand the conditions are tough and guarantee we will endeavour to continue to analyse our own cost and revenue structures to ensure we can bring you the most affordable solutions possible,” Chigorondondo said.
WFDR Risk Services has been in operation in Zimbabwe since 1977 trading under various names since then from Willis Faber Syfrets (Private Limited), Willis Faber and Associates (Private Limited), Willis Corroon (Private Limited) and as Alexander Forbes Risk Services Zimbabwe (Private Limited). It is the corresponding office for the Willis Group whose network of offices spans across the globe.
“The benefit of this strategic partnership (with the Willis Group) is that we are able to provide world-class insurance and risk management solutions to our local clients,” Chigorondondo said. “While the volatile economic conditions persist, we have a plan to take us to 2020 and beyond which will provide us with a significant edge over competitors.”
