The African Reinsurance Corporation (Africa Re) is the leading pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums.
Africa Re was set up by 36 African states in 1976, following a recommendation of the African Development Bank (AfDB), to develop the insurance and reinsurance industry in Africa through increased underwriting and retention capacities, and to support the economic development of the continent.
Ranked 36th in the 2019 Standard & Poor’s Global Reinsurance Groups and 41st in the Top 50 Global Reinsurance Groups by AM Best in 2019, Africa Re has a broad-based shareholding comprising: 42 African member States (34.63%); the African Development Bank (8.38%); 114 African insurance and reinsurance companies (34.94%); and 3 non regional shareholders (23.05%), including leading global insurers and reinsurers from France (AXA), Canada (FAIRFAX) and Germany (ALLIANZ SE).
With headquarters in Lagos (Nigeria), Africa Re operates through six (6) Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius). Africa Re equally has one (1) Local Office in Addis Ababa (Ethiopia), one Underwriting Representative Office in Kampala, Uganda and three (3) Subsidiaries (Africa Re South Africa Limited in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and Africa Re Underwriting Agency Limited in Dubai (The United Arab Emirates)..
As at December 2020, Africa Re wrote US$804.7 million of premium income and realized a net profit of US$55.7 million. Its shareholders’ funds reached US$1.01 billion while its total assets were US$1.8 billion.
The Financial Strength and Credit Rating of Africa Re is A (Stable) by A.M. Best Company (since 2016) and A – (Stable) Standard & Poor’s (since 2009).
Besides its dedication to professional insurance capacity building and technical assistance to African insurers, Africa Re participates in the equity of major regional development institutions: Africa Export-Import Bank (AFREXIMBANK), Shelter Afrique, African Trade Insurance Agency (ATI), Preferential Trade Area Bank (PTA Bank) and invests significantly in African financial markets.
Up to 2% of Africa Re’s annual net profit is used to finance Corporate Social Responsibility initiatives in member countries with a focus on risk management for development.