INTERNATIONAL COMMERCIAL AND ENGINEERING (ICE) SEGUROS

MOZAMBIQUE

In 2014 ICE Insurance Holdings was approached by numerous global program providers, international  and local brokers to open in Mozambique, due to the expanding oil and gas market and the limited ability of local insurers to service the multinational client base.

In 2015 ICE was awarded a Property and Casualty license and commenced operations being headed up by Edward Capel, Louis Khats and Joao Massango.

Growth was very slow in the early years with limited new business in the market and the challenge of obtaining new business proving too much for the management team.

In 2019 the entire management team was dismissed, staff and operations streamlined – Robert Lewis assumed the CEO role and Carmen Américo and Rickert Marx the CFO and Head of claims and administration respectively.

Within 1 year ICE was awarded an A rating by GCR Credit ratings and rapidly grew its market share to over 15,4 % and the company recorded its first profit.

In 2022 the shareholders took the decision to sell the business to Hollard Seguros due to the slow development of the oil and gas market and weak regulatory environment.

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Market Share