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 by the African Development Bank (AfDB), with the mission of developing the insurance and reinsurance industry in Africa through increased underwriting and retention capacities, and support to African economic development.
Ranked 38th in the 2018 Standard & Poor’s Global Reinsurance Groups and 41st of the Top 50 Global Reinsurance Groups by AM Best in 2018, Africa Re has a broad-based shareholding: 41 African member States (33.59%); the African Development Bank (8.42%); 111 African insurance and reinsurance companies (33.84%); and 3 non regional shareholders (23.15%), 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), one (1) Local Office in Addis Ababa (Ethiopia) and one (1) Underwriting Representative in Kampala (Uganda). It also has two (2) Subsidiary Companies (Africa Re South Africa Limited and Africa Retakaful) in Johannesburg (South Africa) and Cairo (Egypt) respectively.
In 2017, Africa Re wrote US$746.8 million of premium income and realized a net profit of US$87.9 million. Its shareholders’ funds reached US$902 million while its total assets were US$1,628.5 million.
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 Africa, 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.
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Expertise Corporate Secretary and General Counsel
Corporate Secretary and General Counsel
Mrs Linda Bwakira has over 18 years of diverse and progressive experience in international financial institutions and legal services. Her expertise includes financial services, corporate governance and legal affairs.
She has worked in global corporate and investment banks, namely Natixis Group and IXIS in France, Africa-based development financial institutions including the African Development Bank and the Trade & Development Bank. She also worked in different law firms in Europe including Clifford Chance, Freshfields Bruckhaus Deringer, Landwell Brussels (PwC Legal arm) and Jansen & Associés, Brussels.
She joined Africa Re from the Eastern and Southern African Trade and Development Bank (TDB) where she was the Corporate Secretary. In TDB, she ensured the integrity of the governance framework and handled institutional legal matters. Mrs Bwakira is qualified as a French lawyer and a solicitor of England & Wales. She holds a Master’s degree in Business Law and a Postgraduate degree in International Business Law both from the University of Toulouse (France).
Mrs Bwakira joined Africa Re as Corporate Secretary and General Counsel in October 2019.