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ABOUT LSA GROUP OF COMPANIES

Lawrence Sikutwa and Associates (LSA) is the parent company of the following subsidiaries: Madison General Insurance Company Limited; Madison Life Insurance Company Limited; Madison Health Solutions Limited and Madison Investment Company Limited.

LSA was formed in 1995 to represent management in the shareholding of Madison Insurance Company Limited after the liquidation of Meridien International Bank Limited which owned Madison Insurance Company Zambia Limited at the time. Three years prior to LSA taking a leading role in Madison Insurance, the insurance firm, was the first private company to commence operations in the liberalized insurance market on 1 April 1992.

From the outset, the main objective of Madison was to provide a first class client service, particularly in relation to claims as it was a known fact that both individual and corporate clients in the market were concerned about this aspect. From its inception, Madison Insurance Company Limited achieved very good results both in respect of growth and profitability.

However, the liquidation of the Meridien International Bank Group had an adverse impact on the company. To save the company from collapse, management offered to buy it and proceeded to look for new partners. Upon taking over Madison Insurance Company Ltd and in a bid to reinstate market confidence, LSA invited Trans Zambezi Industries (TZI) a company registered in the British Virgin Islands to participate in the company as equity partners and Hollandia Re (now Hannover Re) a reinsurance firm, to participate as technical partners.

The two new partners agreed to participate subject to the following conditions:

The shareholding at the beginning was as follows:

The company quickly developed into the number one insurance company in Zambia. In line with the agreements reached in 1995, TZI exited Madison Insurance Company Zambia Limited effective January 2001 and Hannover Re exited the company from 1 January 2003.

Following the departure of TZI and Hannover Re, Zambia Venture Capital Fund (ZVCF) assisted LSA management to exercise its pre-emptive rights and the shareholding eventually became as follows:

In 2005, ZVCF began a process to wind up its operations as its ten (10) year life was coming to an end and LSA proceeded to exercise its pre-emptive rights over ZVCF’s shares to make Madison a wholly owned Zambian company.

Following the amendment to the Insurance Act which became law on 1st January 2006, prohibiting the continued existence of composite insurance companies, Madison Insurance Company Limited was the first company to comply with the new Law and with the approval of the Pensions and Insurance Authority (PIA) split into separate specialist companies now known as Madison Life Insurance Company Limited (MLife) and Madison General Insurance Company Zambia Limited (MGen).

Before the split of the company which gave birth to MLife and MGen, LSA had already set up Madison Investment Company Limited (MICL) in 2004, as the investment wing of the Group. The MICL whose Mission Statement is “ to be Zambia’s leading provider of cost effective finance and non-finance services” is involved in investment management; property development and management; micro finance; leasing and business development.

The other company under the LSA Group is Madison Health Solutions (Mhs) whose Mission Statement is to “be Zambia’s leader in the provision of health care and related products and services at economic and profitable margins.”

The Madison brand under LSA has become a household name in Zambia as all the subsidiary companies have spread tentacles to almost all sectors of the Zambian economy either directly and indirectly through other companies operating under them. An example of LSA’s innovative vision has been aptly demonstrated by its MGen subsidiary which has scored a first by becoming the only indigenous insurance company to go regional having opened a branch in Tanzania and plans are afoot to set up branches in other countries in the region.

Indeed LSA, headed by a career insurance expert-cum businessman, Mr Lawrence Sikutwa is living up to its Mission Statement: To be Zambia’s leading business group by participating in every sector of the economy locally and in available opportunities in the region.

As also espoused in its Mission Statement, LSA is determined to respond to the challenges of tomorrow today through innovation and integrity – to adopt and uphold world-class standards in each of the businesses the Group is engaged in and to be environmentally conscious. The Group also sponsors a lot of activities in all aspects of the Zambian life under its Social Responsibility Programme in order to fulfill part of its Vision which recognizes that its existence is made possible by the societies in which it operates and therefore is eager to contribute to the improved standard of living of these societies.

The other segments of the LSA Vision are to provide products and services beyond the expectations of the Group’s customers in all businesses and to provide quality employment to deserving people. The LSA Group is committed to good corporate governance and upholds sound code of ethics because the Group believes that for a first class company it is a matter of principle that transparency and candour should be ethically desirable in treating customers and the general public with the respect that is due to them.

Accordingly management and staff at all LSA Group companies conduct themselves on the basis of a code of ethical conduct that requires employees to maintain the highest possible standards and their clients are encouraged to demand no less a standard.

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