Madison General Insurance Company Zambia Limited (MGen) is duly licensed by the Pensions and Insurance Authority and is the second largest Insurance Company in Zambia with a 15% market share as at 31 December 2018. The performance of the company has remained profitable, meeting our obligations to both our policy holders and shareholders.
MGen has a proud record of paying claims in a timely manner and has to date continued to meet all its claims payment obligations.
MGen is a wholly owned subsidiary of Madison Financial Services PLC (MFSPlc) a public traded company on the Lusaka Stock Exchange owned by both local and international investors as well as many ordinary Zambians.
The Board of MGen is independent and fully in charge, directing management in ensuring that the company meets its strategic milestones including discharging all its financial obligations. As a general insurance company offering short term insurance products MGen has a robust reinsurance programme supported by African Reinsurance Corporation, PTA Reinsurance Company, East African Reinsurance Company, Kuwait Reinsurance Company, Waica Reinsurance Company and Prima Reinsurance Plc.
Among the insurance products MGen has on offer are various Guarantees and Bonds. MGen did issue a financial guarantee to one of our clients (Chakaka Village Country House Limited, a related Party) in the normal course of insurance business for US$3.5 million plus interest in favor of BancABC (Atlas Mara). The guarantee has not yet crystallized. Should the guarantee be called, we stand ready to meet our obligations.
The Board recognizes the discomfort regarding the current challenges at Madison Asset Management Company Limted (MAMCo) and Lawrence Sikutwa & Associates (LSA). We wish to state that MGen is not in any way exposed to these transactions save for sharing the same brand name (Madison) and the adverse impact from a reputational perspective.
The Board, wishes therefore to assure our customers and the public that MGen continues to be a strongly viable company and a major player in the general insurance market.
C Evans Chibiliti
BOARD CHAIRMAN