The Eastern and Southern African Trade & Development Bank Group (TDB Group) formally launched TDB Captive Insurance Company (TCI) in Ebene, Mauritius, this past 24th of August 2022, following the inauguration of the Group’s Mauritius Principal Office, on the side lines of TDB Group’s 38th Annual General Meeting. The Launch gathered more than 250 participants including TDB Group Governors, TDB Group Governors, Directors and senior executives, senior-ranking officials and attendees from the Government of Mauritius and from the Mauritian business community, insurance companies and insurance brokers, among others.
TCI is a TDB Group subsidiary which provides credit and political risk insurance and reinsurance cover for TDB Group subsidiaries, thereby creating greater efficiencies in the Group’s risk management.
The management and day-to-day operations of TCI is managed by the Captive Manager—Rogers Capital in collaboration with SWAN. The services include insurance management, administration and secretarial, enterprise risk management, accounting, financial and AML/CFT reporting. The Captive Manager is also entrusted with maintaining quality, security, and compliance standards for client information privacy and data protection, ensuring confidential, accurate, cost-effective, and time-bound captive insurance solutions.
Admassu Tadesse, TDB Group President Emeritus and Managing Director said that: “TDB Group is thrilled to formally launch the TDB Captive Insurance Company (TCI) – our own insurance and re-insurance provider for the Group, via which, by sourcing and co-providing in-house coverage solutions for our subsidiaries, we will be able to achieve greater risk management efficiencies. So far, we have onboarded over USD 200 million in policies and look forward to more, in view of anchoring our institution more solidly and be in a position to contribute to the sustainable development of the member states we serve on a triple bottom line basis.”
Kabir Ruhee, Chief Executive Officer of Rogers Capital added that, “We feel honoured and privileged to be associated with the TDB Group. Our collaboration has pioneered the structuring and implementation of TCI, TDB’s captive insurance subsidiary, a pivotal component of the Group’s risk management. Our solid partnership is a vibrant testimony to the breadth and depth of the value proposition of the Mauritius International Financial Centre. Professionals of the MIFC like ourselves have demonstrated that we possess the right capabilities and savoir-faire to provide highly technical and expert captive services to sophisticated customers like TDB. As one of the leading players of the industry, we at Rogers Capital intend to do our share to further strengthen the MIFC’s international reach. We are resolutely convinced that Mauritius is exceptionally well positioned to become the prime investment gateway to and from Africa.”
Mauritius is a modern captive jurisdiction with sophisticated legal framework through the Captive Insurance Act 2015 and has more than 30 years of experience in captive insurance sector.