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.
Plot 1679 Karimu Kotun Street
Victoria Island P.M.B. 12765 Lagos
Nigeria
Expertise Group Managing Director / Chief Executive Officer
Group Managing Director / Chief Executive Officer
He rose to the current position of Group Managing Director and Chief Executive Officer of Africa Re in July 2011 after a transitional period of 2 years during which he served successively as Deputy Managing Director and Deputy Managing Director / Chief Operating Officer. Prior to joining Africa Re in 2009, he served on the Group Board of Africa Re between 2003 and 2005 while working in the primary insurance sector.
His professional career started in 1991 in the insurance industry where he served practically in all the accounting, reinsurance, technical and marketing departments with the leading insurance companies in Burundi (SOCABU s.m.) and Rwanda (SONARWA s.a.), before becoming the Deputy Managing Director in 2001 and, early in 2008, the Chief Executive Officer of SONARWA s.a.
Dr KAREKEZI holds a Bachelor’s degree in Economics (University of Burundi), Postgraduate diplomas in Business Administration (Edinburgh Business School and University of Liverpool, both in UK), a Master’s degree in Management (University of Burundi), an Honorary Doctorate in Business Administration (Commonwealth University, UK) and a Doctorate in Business Administration (Paris School of Business, France & Galilee International Management Institute, Israel).
He speaks fluently English, French, Swahili and other African languages.
Since 1996, he has contributed significantly to the development of the insurance and reinsurance industry in Africa through his involvement and leadership in various national, regional and continental initiatives and organizations. He has equally participated actively, as speaker, in seminars, conferences, symposia and other fora across the world on issues of insurance development, insurance protection gap, risk management, insurtech and leadership.
He has served as Chairman and member of governing bodies of various financial institutions and foundations in Africa. He is currently the Chairman of Africa Re (South Africa) Limited, Chairman of Africa Retakaful Company (Egypt), Member of the Executive Council of the International Insurance Society (IIS), and a Member of the Executive Committee of the African Insurance Organization (AIO) where he chairs the Finance Committee.
