African Reinsurance Corporation (Africa Re)

African Reinsurance Corporation (Africa Re)

The African Reinsurance Corporation (Africa Re) is the premier regional reinsurance institution dedicated to the African continent but open to selected markets in Asia, Brazil and the Middle East
 
Africa Re was established in February 1976 by member States of the then Organisation of African Unity –OAU- (now the African Union –AU), at the initiative of the African Development Bank (AfDB).
 
The Mission of Africa Re is to foster the development of the insurance and reinsurance industry in Africa, to promote the growth of the national, regional and sub-regional underwriting and retention capacities and to support African economic development.
 
With its Headquarters in Lagos (Nigeria), Africa Re runs its operations through:

  • Six (6) Regional Offices across Africa: Casablanca (Morocco), Cairo (Egypt), Lagos (Nigeria), Abidjan (Côte d’Ivoire), Nairobi (Kenya), and Ebène (Mauritius).
  • Two (2) Subsidiaries: African Reinsurance Corporation South Africa Limited (ARCSA), Johannesburg (South Africa); and Africa Retakaful Company in Cairo (Egypt).
  • One (1) Local Office in Addis Ababa (Ethiopia).
 
The Africa Re Group is a composite reinsurer, providing reinsurance capacity for both life and non-life policies to its clients in over 60 countries spread across Africa and selected markets in Brazil, Asia and the Middle East. Broadly, the Group’s product range includes: Fire and Engineering; Accident and Motor; Oil and Energy; Marine and Aviation; Life and Health; Miscellaneous.
 
Africa Re also manages the African Aviation and Oil & Energy Pools on behalf of a large number of pool members, through which additional capacity is offered to clients in these specialized areas of reinsurance.
 
At 31 December 2018, the shareholders’ funds amounted to US$917 million. Africa Re has a highly diversified shareholder base comprising 41 African Governments, 111 African insurance and reinsurance companies, the African Development Bank (AfDB) and 3 non-regional shareholders (AXA Africa Holding [France]; Fairfax Financial Holding Ltd [Canada] and Allianz SE. This provides a wide pool from which additional capital can be, and has historically been, relatively easily obtained.
 
 
 
Africa Re Group is rated “A” (Stable Outlook) by A.M. Best and “A-” (Stable Outlook) by Standard and Poor’s, both of which attest to the strength of the Corporation’s security on an international scale. 
Africa Re is also ranked among the Top 50 Global Reinsurance Group by AMBest and among the global Top 40 reinsurers by Standard and Poor’s
 
Africa Re is a proud winner of:
< >“Best Reinsurance Organisation in Africa” for the past 40 years (1972 to 2012) by AIOBest  Re-Takaful Company – Africa “ in 2012, 2013, 2014, 2015,2016; 2017, 2018, 2019 by the International Takaful Summit “Best Reinsurance Company” in Africa awarded by CFi.co, United KingdomReinsurance Firm of the Year” in Africa at the Acquisition International’s Global M&A Awards 2015 (United Kingdom);Award for Excellence in Case Management, Insurance Category” from BPM & WfMC in Arlington, Virginia, USA in 2015Global Most Innovative Quality Oil and Gas Reinsurance Company of the year  in 2016 by Global Quality Excellence Awards, Nigeria.

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