NicozDiamond was borne out of a merger of National Insurance Company of Zimbabwe (NICOZ) and Diamond Insurance Company on 1 January 2002 and subsequently listed on the Zimbabwe Stock Exchange (“ZSE”) in the same year. The ZSE listing was maintained until August 2018, following significant shareholder changes. NicozDiamond Insurance is now a member of the First Mutual Holdings Group.
The company is one of the leading short term insurance companies in Zimbabwe. NicozDiamond has established itself as a premier insurer in a market comprising of a number of insurance companies. The company’s performance has been supported by a strong balance sheet, brand strength, high visibility and its consistency in been awarded an A rated claims paying by the Global Credit Rating Company of South Africa. The company has also maintained sturdy regional presence through its subsidiaries namely United General Insurance of Malawi and Diamond Seguros of Mozambique.
NicozDiamond has well established linkages with key intermediaries, coupled with the successful adoption of alternative distribution channels which have supported its growth and profitably. The company’s products are distributed through partnerships with banks, brokers and underwriting management agencies, as well as tied agents.