NamibRe appoints new MD

THE Namibia National Reinsurance Corporation (NamibRe), has announced the appointment of Anna Nakale-Kawana as the new Managing Director starting March 1.

NamibRe, is a Government insurance and reinsurance company serving other insurance companies locally and abroad. Its board of directors said NamibRe had several years of profitable operations and was fast building financial reserves in order to expand its business, as well as increasing its staff’s expertise in the industry.NamibRe’s board cites Nakale-Kawana’s wealth of experience in a career distinguished by her performance as Commissioner of Revenue Management (Under Secretary) for Inland Revenue, Ministry of Finance.”She has extensive management expertise with more than 14 years’ experience at this level and has interacted at senior level with businesses and Government bodies,” said the board.Nakale-Kawana’s academic qualifications’ list is topped with MSc in Financial Economics, University of London and an MA with joint honours in Economics and Agricultural Economics from Aberdeen University (UK) as well as being a board member of several organisations, regulatory bodies, Government institutions and welfare organisations.In 2001 the Government led a deal with existing insurance companies to suspend section 5 of the Reinsurance Act used to establish NamibRe.At the time Minister Nangolo Mbumba, then of Finance, explained the agreement saying: “The Government decided to adjust Part 5 of NamibRe Act that compels the industry to cede 25 per cent of its premium income to NamibRe.The compulsory cessions are to be zero-rated.Furthermore, NamibRe would retain 20 per cent cession on all treaties and would retain the pre-emptive right towards all facultative business from insurers”.Its board of directors said NamibRe had several years of profitable operations and was fast building financial reserves in order to expand its business, as well as increasing its staff’s expertise in the industry.NamibRe’s board cites Nakale-Kawana’s wealth of experience in a career distinguished by her performance as Commissioner of Revenue Management (Under Secretary) for Inland Revenue, Ministry of Finance.”She has extensive management expertise with more than 14 years’ experience at this level and has interacted at senior level with businesses and Government bodies,” said the board.Nakale-Kawana’s academic qualifications’ list is topped with MSc in Financial Economics, University of London and an MA with joint honours in Economics and Agricultural Economics from Aberdeen University (UK) as well as being a board member of several organisations, regulatory bodies, Government institutions and welfare organisations.In 2001 the Government led a deal with existing insurance companies to suspend section 5 of the Reinsurance Act used to establish NamibRe.At the time Minister Nangolo Mbumba, then of Finance, explained the agreement saying: “The Government decided to adjust Part 5 of NamibRe Act that compels the industry to cede 25 per cent of its premium income to NamibRe.The compulsory cessions are to be zero-rated.Furthermore, NamibRe would retain 20 per cent cession on all treaties and would retain the pre-emptive right towards all facultative business from insurers”.