We are an International Financial Institution established on 24 February 1976 in Yaounde, Cameroon with Headquarters in Lagos (Nigeria). Africa Re has six Regional Offices in Casablanca (Morocco), Nairobi (Kenya), Abidjan (Côte d’Ivoire), Ebene (Mauritius), Lagos (Nigeria) and Cairo (Egypt) as well as two subsidiaries: Africa Re South Limited in Johannesburg (South Africa) and Africa Retakaful in Cairo (Egypt).
Africa Re, the leading reinsurance company in Africa, is a for-profit pan-African financial institution with diplomatic status. Its shareholding is split between African and non-African investors. African shareholding comprises 41 African states, the AfDB and more than 100 African insurance and reinsurance companies.
The Corporation has eight (8) Central Departments
The core activities of the Corporate Secretariat are as follows: organizing statutory meetings of the Corporation, managing the Corporation’s communication with its shareholders and the general public, providing secretarial, linguistic services and logistics during corporate meetings. Corporate Secretariat also handles protocol and travel management, archives and documentation, communication and branding and legal services.
The Department maintains close relations with shareholders and attends promptly to all their requests. Various activities are carried out by the Department in respect of the corporate social responsibility of the Corporation to its major stakeholders namely: ceding companies, African insurance markets and member countries.
The Corporate Secretariat plays a cross-cutting role and is a major interface between the Corporation and the outside world.
The Department of Central Operations and Special Risks handles activities relating to technical matters, underwriting issues, retrocession, technical inspection and management of the African Insurance Pools. The Department also assists Management to identify initiatives which can support a profitable growth of Africa Re’s top line.
The relevant staff focus on the following:
• Production performance and projections
• Underwriting performance and projections
• Potential areas of growth
• Technical provisions
• Retrocession programme
• Technical inspection
• Strategic initiatives
The Department of Risk Management and Compliance is responsible for the strategic and integrated management of all risks that the Corporation is exposed to, including coordinated responses to such risk exposures.
The Department is also responsible for compliance with applicable laws and regulations, global best practice and shareholder agreements.
The strategic vision of the Department is mainly to ensure that the Corporation reduces the occurrence and impact of shocks and surprises that can negatively affect its ability to meet obligations to clients and other stakeholders.
The Department of Human Resources and Administration, which is the internal relations hub of the Corporation, is responsible for the strategic link between human resources and the goals and business of Africa Re. Furthermore, the Department, whose activities span a wide variety of core functions, focuses on building and retaining human capacity to provide quality, efficient and effective services as well as administrative and logistical support to the entire organization.
In addition, the Department of Human Resources and Administration ensures that human resource and administrative policy guidelines in place are properly interpreted and fairly applied to have a positive impact on the business. The Department advises Executive Management on human resource administration in the Corporation in order to motivate and retain human capital.
The Department makes sure that the working environment is conducive for optimum staff performance, advises Management on property matters and ensures adequate return on investment in properties across all Africa Re locations
The Department of Information & Communication Technology prides itself as a centre of excellence in the pursuit of corporate performance goals and objectives. Its strategy is built on the following cardinal themes: business process automation, innovation, brand awareness, virtual workplace, information security and cost control.
The effective and efficient management of information and communication technology (ICT) services is critical to the Corporation’s business. The increasing demands for products and services to increase business productivity have driven the Department to utilise world class tools and techniques, industry standards and regulations and robust methodologies in the delivery of solutions.
The Department’s strategy has three layers:
• Business needs (understanding insurance/reinsurance challenges)
• Enabling strategies (meeting the business needs)
• Technology architecture (ICT led infrastructure).
The Internal Audit Department promotes accountability and transparency by independently reviewing the Corporation’s internal control environment and making recommendations for improvement. The dedicated team of audit professionals works diligently to provide Management and the Board of Directors with useful information.
Audit reports generally provide information about activities in the areas of internal audit, consulting engagements and non-audit services completed, key audit findings and recommendations as well as other internal audit activities.
The Department of Finance and Accounts keeps the Corporation’s books of accounts, ensures the proper management of funds, reconciles its accounts and provides Management with information for decision-making.
In addition, the Department provides the external auditors with the information needed to audit the Corporation’s annual accounts.
The Life Department provides reinsurance solutions for group life, group mortgage & credit life, employees compensation benefits, critical illness and individual life products. It also provides cover for supplementary or rider benefits such as accidental death, disability, funeral and hospital cash. These reinsurance solutions are provided through treaty or facultative arrangements or a combination of both.
The department comprises a team of dedicated, highly-trained and qualified self-motivated professionals who ensure that customers are well supported with bespoke life reinsurance solutions and training programmes. With the support of the Corporation’s actuaries, the Department supports new product development initiatives. This support has helped in increasing the choice of products available in the African life insurance market.
The Life Department has a physical presence in Abidjan (Côte d’Ivoire), Lagos (Nigeria) and Nairobi (Kenya) to be closer to clients in order to better serve them.