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International

Zimbabwean insurer Zimre to offload 49% stake in Malawi unit for $1.3 million

December 18, 2014 Reprints

Zimbabwean insurer Zimre Holdings Ltd. will sell a 49% stake in its Malawi unit United General Insurance Co. Ltd. to Nicoz Diamond Insurance Co. Ltd. for about $1.3 million, The Herald reports.

Zimre had recently said that it would sell its non-core assets to raise about $7 million to support its liquidity level. Zimre said the stake divestment will enable it to reorganize assets to focus on its reinsurance operations, The Herald reported.

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Zimbabwean insurer Zimre to offload 49% stake in Malawi unit for $1.3 million

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