Client Testimonial: Inception of the TDB Captive Insurance Company, facilitated by Rogers Capital
The Eastern and Southern African Trade & Development Bank (TDB) has launched its Captive Insurance Company in Mauritius, with Rogers Capital as its strategic partner for the facilitation. Mr Kaviraj Nuckchedee, Manager Corporate Administration at Rogers Capital sat down with Dr Goodman Chakanyuka, Group Executive, Credit Risk Management at TDB for a chat on the process and why Mauritius was their preferred jurisdiction.
What is the strategy and vision of The Eastern and Southern African Trade & Development Bank (TDB)?
Established in 1985, The Eastern and Southern African Trade & Development Bank (TDB) is a multi-lateral, treaty-based development financial institution, with assets of over US$6 billion.
The Bank finances and fosters trade, regional economic integration and sustainable development via trade finance, project & infrastructure finance, asset management and business advisory services. Our Vision is to be a world-class African development finance institution advancing the economic development integration and prosperity in the region, with the strategic goal of being a sound financial institution intermediating global and regional capital into the region.
Why did you opt for Mauritius as TDB’s Captive Insurance jurisdiction? Would you recommend Mauritius to someone who might be on the fence?
Captives can be formed in any territory, but a vast majority are formed in domiciles with specific legislation and/or with robust regulatory engagement with the captive industry. Mauritius issued new captive regulations in 2016, with a view to develop the captive business from Africa. Mauritius is a member of the Common Market for Eastern and Southern Africa (COMESA). It is imperative to note that TDB is the banking arm of COMESA. Mauritius is a few hours flight from major African cities like Johannesburg and Nairobi and has regular direct flights as well as excellent infrastructure and ease of doing business. Mauritius has a naturally bilingual population, allowing us to operate effectively across the vast majority of African countries. Mauritius is indeed a jurisdiction to recommend.
How was TDB’s experience with Rogers Capital as their Captive Manager?
The TDB Captive commenced its operations in 2021. In keeping with conventional administration of captives, Rogers Capital as TCI Captive Insurance Company’s Captive Manager have satisfactorily fulfilled the secretarial roles ensuring the smooth handling of Board matters and the handling of Board and Board Committee meetings
Rogers Capital has the technical and administrative capabilities to deliver on the roles of the Captive Manager, given its team of technical insurance, actuarial, administrative, finance & accounting experts. The quality of service delivered has been up to the mark and to the TDB’s high expectations.
Would you recommend Rogers Capital’s services to your partners and stakeholders and why?
Rogers Capital has defined three strategic poles for its activities: Corporate Services, Technology Services et Financial Services. We believe Rogers Capital has a unique value proposition for its clients, as regards the complementarity of the various components that constitute Rogers Capital today. The extensiveness of their offerings combined with depth of capabilities is a key differentiator.
We would recommend Rogers Capital’s services to our partners and stakeholders with no reservation. Equipped with a very agile, technical and solutions-oriented team, Rogers Capital offers products relevant to our market and delivers quality service. It’s a pleasure working with the Rogers Capital Team.