BIC reaches milestone
Staff Writer | Tuesday August 18, 2015 11:26
BIC opened its doors for business on the August 12, 1975 aiming at providing insurance solutions for both general insurance and life assurance business. The company was originally divided between two parties, with Botswana Development Corporation holding 51% of the shares and J.H.Minet & Company Limited of London the remaining 49%. In 1985, J.H. Minet sold its 49% holding to St Paul (UK) Ltd, a subsidiary company of the St Paul Incorporation of Minnesota USA. In 1991, Botswana Insurance Company, to comply with the Botswana Insurance act of 1987, was subsequently restructured to provide only short-term market solutions.
BIC is now a subsidiary of Masawara Plc, which has interests across Africa in insurance, the hospitality industry and agrochemicals sector. The insurance company is the longest serving short term insurance provider in Botswana, with a head office in Gaborone, and two branches, one based in Francistown catering for the Northern region and another in Maun, targeting sector specific industries for specialised insurance, particularly for Aviation and Tourism. BIC says it has maintained its leadership status by continuously being product oriented, in terms of customising clients ever changing needs, innovative by embracing technology and including it as a fundamental component of the business growth strategy, being customer centric and forming key strategic affiliations, specifically in reinsurance.
“BIC has the capabilities and expertise to provide insurance covers for personal, commercial and specialised lines of business,” the company said in a statement.
BIC was also the first insurance company in Botswana to be awarded an AA credit rating, which is the highest national rating a short-term insurer in Botswana can currently attain as accorded by Credit Global Ratings. The AA credit rating was achieved through BIC’s firm capital accumulation, through sound earnings generation, underwriting profits and stable investment income. Further, BIC’s balanced investment strategy, which is supportive of adequate liquidity metrics, underpinning its claims paying ability was an important added factor.
The BIC team commemorated their 40th anniversary on the 12 August, simultaneously at the head office and its Francistown and Maun branches. BIC Managing Director, Johann Claasen highlighted that the road to 40 years has been a roller coaster ride and the company has achieved tremendous growth over the years. “Today we want to say a big thanks to you all for your dedication and immense value add to the company”, Claasen emphasised to employees.
BIC has a number of initiatives planned in celebrating this milestone through a ‘40 years of making it happen’ campaign which will run through to the end of November 2015.