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KenyaRe FY19 - FY23 (Both Inclusive)
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xxxxx
#21 Posted : Wednesday, April 03, 2019 4:35:59 PM
Rank: Member


Joined: 3/20/2008
Posts: 503
Ericsson wrote:
@vvs
Kenya Re are lucky not to have invested in corporate bonds and deposits of companies that have gone under like ARM,Real people


They are not lucky. They avoided these losses because they are conservative and very deliberate about it. That conservatism is not every investors cup of tea. In fact I believe the decision maker concerned with the financial assets KenyaRe invests in deserves kudos for being steadfast when it comes to their conservative approach.Applause Applause Now, as for the decision maker for purchase of land, joker justShame on you Shame on you
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VituVingiSana
#22 Posted : Wednesday, April 03, 2019 7:40:09 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,155
Location: Nairobi
xxxxx wrote:
Ericsson wrote:
@vvs
Kenya Re are lucky not to have invested in corporate bonds and deposits of companies that have gone under like ARM,Real people


They are not lucky. They avoided these losses because they are conservative and very deliberate about it. That conservatism is not every investors cup of tea. In fact I believe the decision maker concerned with the financial assets KenyaRe invests in deserves kudos for being steadfast when it comes to their conservative approach.Applause Applause Now, as for the decision maker for purchase of land, joker justShame on you Shame on you
Applause Applause Applause
Well said.
14.3bn in government paper + 5.5bn in FDRS + 0.2bn cash
The government paper invested at 10% = 1.4bn/year pre-tax.
They have just 480mn in corporate bonds + 650mn in mortgages (445mn staff + 426mn commercial).

Land: I don't think they have bought land recently. They should stay away given they have 10bn of properties on their Balance Sheet.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#23 Posted : Tuesday, April 16, 2019 12:56:00 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,155
Location: Nairobi
The hurt from Cyclone Idai could be heavy given KenyaRe has expanded its reinsurance in Southern Africa.
KenyaRe also owns 20% of ZepRe which reinsures a lot of Southern Africa business.

Reinsurance isn't a steady growth business given the nature of the business but the stronger firms survive to fight another day. With climate change, perhaps the reinsurers need to demand higher rates.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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obiero
#24 Posted : Tuesday, April 16, 2019 6:49:50 AM
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Joined: 6/23/2009
Posts: 13,605
Location: nairobi
VituVingiSana wrote:
The hurt from Cyclone Idai could be heavy given KenyaRe has expanded its reinsurance in Southern Africa.
KenyaRe also owns 20% of ZepRe which reinsures a lot of Southern Africa business.

Reinsurance isn't a steady growth business given the nature of the business but the stronger firms survive to fight another day. With climate change, perhaps the reinsurers need to demand higher rates.

I like your new mortician tendency.. KENRE is indeed messed up.. Provision for it

COOP 140,000 ABP 15.75; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Ericsson
#25 Posted : Tuesday, April 16, 2019 9:06:33 AM
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Joined: 12/4/2009
Posts: 10,747
Location: NAIROBI
obiero wrote:
VituVingiSana wrote:
The hurt from Cyclone Idai could be heavy given KenyaRe has expanded its reinsurance in Southern Africa.
KenyaRe also owns 20% of ZepRe which reinsures a lot of Southern Africa business.

Reinsurance isn't a steady growth business given the nature of the business but the stronger firms survive to fight another day. With climate change, perhaps the reinsurers need to demand higher rates.

I like your new mortician tendency.. KENRE is indeed messed up.. Provision for it


Numbers don't lie,hapo ndio msema kweli
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#26 Posted : Tuesday, April 16, 2019 6:34:12 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,155
Location: Nairobi
obiero wrote:
VituVingiSana wrote:
The hurt from Cyclone Idai could be heavy given KenyaRe has expanded its reinsurance in Southern Africa.
KenyaRe also owns 20% of ZepRe which reinsures a lot of Southern Africa business.

Reinsurance isn't a steady growth business given the nature of the business but the stronger firms survive to fight another day. With climate change, perhaps the reinsurers need to demand higher rates.

I like your new mortician tendency.. KENRE is indeed messed up.. Provision for it
Laughing out loudly Laughing out loudly Laughing out loudly Not really.

Should KenyaRe provide for provisions as the reports of potential claims come in? YES
Do I expect a hit on the P&L? YES as a normal part of their business. See below.
Am I writing off KenyaRe? NO

It's their business to reinsure risks. As long as these risks are within reasonable limits there is no need to stress. The risk of taking on risk is a real risk but it is a calculated risk. It's a LONG-TERM play.

*The GoK-control (60%) does concern me.

Why Warren Buffett Loves Reinsurance
https://www.fool.com/inv...-loves-reinsurance.aspx

Reinsurance is a "long-tail" business so there is a lag between the time premiums are collected and claims paid. The reinsurer may even make an underwriting loss on that policy BUT the premiums are invested during that period. That's where the profit is.

All intelligent investing is value investing - Charlie Munger
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#27 Posted : Saturday, April 20, 2019 5:31:17 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,747
Location: NAIROBI
During the investor briefing the MD said they are looking at making foreign acquisition to defend their market share.
In Africa I wonder where;
The southern Africa operation caters for Zambia,Namibia,Botswana,Lesotho,Swaziland, Mozambique.
Zimbabwe economy is too shaky to make an acquisition.
In Uganda,kenya re had a 15% stake in Uganda Re.
In West Africa,the office at Ivory Coast caters for the Francophone countries.
Nigeria 🇳🇬 is too disorganized.
Maybe they target Ghana 🇬🇭 which is promising economically.
North Africa the market will not be easy to penetrate.
Oceanic countries or islands like Madagascar 🇲🇬, Mauritius 🇲🇺, Seychelles 🇸🇨 look promising
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Yliett
#28 Posted : Tuesday, April 23, 2019 1:36:39 PM
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Joined: 12/23/2018
Posts: 38
Location: germany
If they have conservative investment policy, that might be good and bad option. It is good for the company as they will manage to sustain their assets and do business on a going concern level. At the same time, this means lower profits, which is not something that makes investors happy
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Superprime1
#29 Posted : Monday, May 13, 2019 10:31:58 AM
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Joined: 5/2/2018
Posts: 267
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.
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Ericsson
#30 Posted : Monday, May 13, 2019 10:52:08 AM
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Joined: 12/4/2009
Posts: 10,747
Location: NAIROBI
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.

Whaaaaaat!!!!!!!
They have a 15% stake in Uganda Re
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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guru267
#31 Posted : Monday, May 13, 2019 10:57:30 AM
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Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


Is this for real? Looks like 2019 is not going to be a bad year for me.
Mark 12:29
Deuteronomy 4:16
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Ericsson
#32 Posted : Monday, May 13, 2019 10:59:35 AM
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Posts: 10,747
Location: NAIROBI
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


@vvs should see this
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#33 Posted : Monday, May 13, 2019 11:26:22 AM
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Joined: 1/3/2007
Posts: 18,155
Location: Nairobi
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.

Scratching my head.

1) Why the 3:1 bonus?
The shares were trading at 11/- on Friday but for ease I will use 12/-.
12/4 = 3 which is similar to shady firms like Neveready, Olympia, Cables, Tranny and KQ.

2) KenyaRe has 11.5% of UgandaRe. Why not explore a partnership with UgandaRe by buying more shares in it?
I am OK with a UG subsidiary given it might be what is necessary to compete in the market.

What I do not mind is the price remaining at the 10-11-ish level after the bonus Laughing out loudly *Dreaming*
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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rwitre
#34 Posted : Monday, May 13, 2019 11:27:26 AM
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Joined: 3/8/2018
Posts: 507
Location: Nairobi
Ericsson wrote:
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


@vvs should see this


Supply at Sh20.

All it will take is someone snapping up 100 shares and the talk will be "Kenya Re jumps 80% after announcement of bonus issue"
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guru267
#35 Posted : Monday, May 13, 2019 11:31:44 AM
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Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


This would be the best way to create shareholder value as the price as completely failed to respond to a rising EPS over the years.
Mark 12:29
Deuteronomy 4:16
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guru267
#36 Posted : Monday, May 13, 2019 11:50:05 AM
Rank: Elder


Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
VituVingiSana wrote:
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


What I do not mind is the price remaining at the 10-11-ish level after the bonus Laughing out loudly *Dreaming*


This is their most likely intention. Price failed to respond to increasing EPS now they are looking to increase the P/E ratio.
Mark 12:29
Deuteronomy 4:16
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young
#37 Posted : Monday, May 13, 2019 11:53:12 AM
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Joined: 6/20/2007
Posts: 2,037
Location: Lagos, Nigeria
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


Provide link please ?
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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mlennyma
#38 Posted : Monday, May 13, 2019 12:20:13 PM
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Joined: 7/21/2010
Posts: 6,186
Location: nairobi
young wrote:
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


Provide link please ?

bad move increasing governments majority stake 3fold
"Don't let the fear of losing be greater than the excitement of winning."
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Superprime1
#39 Posted : Monday, May 13, 2019 12:22:48 PM
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Joined: 5/2/2018
Posts: 267
young wrote:
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


Provide link please ?

@Pesanane will need to kindly step in and upload document...
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Angelica _ann
#40 Posted : Monday, May 13, 2019 12:22:50 PM
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Joined: 12/7/2012
Posts: 11,911
mlennyma wrote:
young wrote:
Superprime1 wrote:
Kenya Re proposes bonus issue in the ratio of 3:1!

Also looking to set up subsidiary in Uganda.


Provide link please ?

bad move increasing governments majority stake 3fold


How now? The stakes remain the same.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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