WHO WE ARE:

Golden Crescent Assurance (GCA) is the first step into the Financial Services sector by the promoters of METL (Mohammed Enterprises Tanzania Limited) Group of Companies. METL is a household name in Tanzania, whose products are popular in every Tanzanian home.

GCA started Operations on 1st March 2007 and has acquired a market share of approx 1% in the first 12 Months.

The company is totally fund flow independent since the 10th Month of start of operations and is able to meet all its obligations without promoters support as can be seen from the liquid investments which till date in July equals the Paid up capital.

As a measure of good Corporate Governance & prudence GCA are not the lead insurers of the M.E.T.L. Group but are one of the Co-Insurers.

Golden Crescent Assurance Co. Ltd. is the only all Tanzanian privately and professionally managed General Insurance Co. having:

  • Tanzanian shareholding and
  • All Tanzanian Directors on the Board of Directors(including outside Directors who are not from the METL Group)
  • Is an independent regulated entity with the share holding coming mainly from the Dewji family, the promoters of METL.

OUR BOARD OF DIRECTORS:

CURRENT DIRECTORS:

  •   Mohammed Dewji, Executive Director
  •   Mustafa Kambona Ismail, Senior Legal Counsel, Bank of Tanzania.
  •   Murtaza Dewji, Director, Tanzania Commodities Trading Ltd.
  •   Mehdi Rehmtulla, Director, New Tradeco Investments Ltd

DAY TO DAY MANAGEMENT & STRATEGIC PLANNING (under the overall supervision and guidance of the Board of Directors):

Mr. Abhijit Ghose – Chief Executive and Principal Officer
Mr. Abhijit Ghose is a thorough insurance professional having over 32 years of experience in both the public and private sector of the general insurance industry in India. He has worked for 26 years with National Insurance Corporation in India and 6 years with TATA AIG in various senior level positions, and has vast experience in underwriting all risks, be it small, medium or Greenfield projects of massive size.

Mr. Kura Boniface – Manager – Claims & Underwriting.
Mr. Boniface is a Chartered Insurer and Graduate engineer. He has more than 9 years of experience in all operations of insurance and was one of the startup employees of Heritage Insurance before joining us after working with them for about 9 years in various capacities and functional responsibilities.

Mrs. Hasina Ahmed – Manager – Finance.
Mrs. Hasina is a CPA and has wide experience in various finance functions including financial controller. She was one of the startup employees in the finance department Of Reliance General Insurance Co.

OUR REINSURERS:

  • General Insurance Corporation of India (GIC)
    – Leader 25%
  • Tan Re – 20% (Statutory)
  • Africa Re 12.5%
  • East Africa Re 12.5%
  • ZEP Re 10%
  • Kenya Re 10%
  • Egyptian Re 10%
  • Total 100%

We are also reinsuring with Tan –Re another 20% by way of mandatory auto cession of all risks written by us
.
Apart from this, on a case to case basis where required, we are reinsuring in the local market with other insurers, with who we are exchanging inward reinsurances’, as well as the African and international markets.

As such we can accept 100% of any risk for which we would be thankful to have the risk note with a 7 day notice before acceptance of the risk so that we may analyze it thoroughly. It is preferred that we have full details first including past loss history so that there is no coverage mismatch, and we revert very fast.

AUTHORISED AND PAID-UP CAPITAL:
Authorised Capital : Tshs. 5 billion
Paid up Capital : Tshs. 1.1 Billion

STATUTORY REQUIREMENTS VS OUR INVESTMENTS & SOLVENCY MARGINS:

  • Statutory Investment requirement in Treasury Bills & Bank Deposits as per Insurance Act : Tshs. 965 million (As on 31st May 2008)
  • Our Actual Investment in Treasury Bills, Bank Deposits & Tan-Re holdings Tshs. 1.10 Billion (in addition to paid up capital)
  • Statutory Solvency Margin required in our case as on 31st May. 2008 :Tshs 250 Mill
  • Solvency margin in excess of Statutory need as on 31st May 2008 :Tshs 416 Mill (60% Excess)

OUR AUDITORS

  • Deloitte & Touche

OUR VALUES, BELIEFS AND SERVICE STANDARD:

WHAT WE BELIEVE IN:

Customer is God.

WHAT WE APPRECIATE:

 TRUST, ETHICS and TRANSPARENCY which is the core of our survival and of the general insurance industry as a whole.

OUR SERVICE STANDARDS INCLUDE:

  •   Best in service, to ensure customer satisfaction
  •   Prompt in claims, to retain customer loyalty
  •   Competitive prices
  •   Tailor-made insurance policies

VISION FOR THE FUTURE :
One of our core visions is

(A) ‘Tanzanisation’ of the insurance sector by way of :

  • Insuring as many poor families as possible and
  • Protecting the poor from financial distress caused due to vagaries of accidents by
  • Providing various Micro-Insurance Covers for the poor / self employed & S.M.E’s


(B) To increase the human capital in the financial sector and the insurance sector in particular, by grooming :

  • Urban educated Tanzanians to be self employed as intermediaries as well as through direct employment AND
  • The rural educated Tanzanian and assist him to set up his own intermediary business.
For this we urge the support of NGO’S and other prominent social organizations as well as the whole of the insurance & banking fraternity to come forward and join hands with us to achieve this vision.

OUR BY-LINE:

Our cover is as good as gold