25th Edition – March 2022

Dear Clients and Partners in the Middle East,

First of all, I would like to express my sincere gratitude and admiration to the authorities of

the Dubai International Financial Center- DIFC for their diligence and pragmatism during the administrative process for the establishment of Africa Re DIFC and also for the mind blowing foresight that they have demonstrated in making DIFC one of the most sophisticated international financial hubs in the world yet with a Middle Eastern flavor.

Dubai, “the destination of all visionary achievers and dreamers” is now hosting the Premier Reinsurer of Africa, Africa Re. This is indeed a visionary move that we are achieving for the satisfaction of our clients in the Middle East and for the extension of the vison of our founding fathers to the sister region, the Middle East.

As we always say, our clients are considered as our priority No.1.

As one of the top 50 global reinsurers, Africa Re considers DIFC as a first step to be followed by furthersteps for other financial hubs across the world. Africa Re may be new to DIFC but has never been new to the Middle East which it supported for the last 20 years.

We have been indeed closely observing the withdrawal of Reinsurance/ Retakaful capacities from the Middle East. It is now time for us to fill the gap by joining DIFC. This will enable our longstanding clients in the region to enjoy our physical proximity. Please read more about this in the exclusive interview of the Chairman of Africa Re DIFC, Mr. Ken Aghoghovbia on page 5. We are confident that Africa Re’s existence in DIFC would further enhance both Conventional and Takaful markets, and contribute to the development of the Takaful market and Takaful model in the Middle East.

As observed by Arif Amiri, CEO of DIFC Authority, “Africa Re will benefit from the increasing demand for capacity in the market, especially in Islamic finance, and use its expertise to shape the future of the sector”.

One thing is sure. We have not come to Dubai barehanded. We have come with our 45 years’ experience and our A rated international financial credit ( A: Excellent by AM Best and A- Strong by S&P) . We have come indeed with enough capacity to support our clients in the region.

The sustained global growth of Takaful has been supported by growing demand for sharia compliant financial services from Muslims and non-Muslims across the GCC, Southeast Asia and Africa. More so, DIFC is recognized as the leading reinsurance hub in the MEASA region and now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities, including four of the top five global insurance companies. This also justifies our decision to get closer to our clients in the Middle East.

Before I round off, I would like to thank Mr. Arif Amiri – CEO of DIFC Authority and Mr. Christopher Calabia – CEO of Dubai Financial Service Authority for the support they extended to Africa Re.

In this special edition of our Newsletter, you will have the opportunity to read about obstacles facing the Takaful business model by Mr. Mohamed Saad Zaghloul, our

resident Senior Executive Officer in DIFC, and also about how to revolutionize the penetration of life insurance in Africa and many other insightful articles written by some

of our professional staff who keep watch on the trend in the insurance industry worldwide.

You will also read about some of our industry engagements including the training sessions that Africa Re offered to its clients in various markets where it

operates. Allow me to also use this opportunity to congratulate some of our meritorious employees namely, Hayley Banks (Johannesburg, South Africa), Mesfin Abebe DAMTEW ( Nairobi Regional Office) Chiagozie ANOZIE (Lagos Regional Office) respectively winners of Employee of the year, first and second runner-up.

Wishing you a pleasant reading.

Dr. Corneille Karekezi

Group MD/CEO