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 38th in the 2024 list of Top 40 Global Reinsurance Groups and 14th in the 2024 list of Top 15 Global Reinsurance Groups by Standards and Poor’s and AM Best respectively, the Corporation has featured on these lists for over a decade
Africa Re has a broad-based shareholding comprising: 42 African member states (34.53%); the African Development Bank (8.36%); 113 African insurance and reinsurance companies (33.85%); 3 non-regional shareholders (22.98%); and the Employee Shares Ownership Plan (0.29%). The non-regional shareholders include leading global insurers and reinsurers from France (AXA), Canada (FAIRFAX) and Germany (SANLAM 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 2023, Africa Re wrote over US$ 1.1 billion premium income with a net profit of US$ 126. 9 million. Its shareholders’ equity reached US$ 1 billion while its total assets amounted to US$ 1.6 billion.
The Financial Strength and Credit Rating of Africa Re is A (Stable) by AM Best (since 2016) and A – (Stable) by 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 & Investment Development Insurance (ATIDI), 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.
