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 in Top 40 Global Reinsurance Groups by Net Written Premium at 38th in 2024 (2023: 38th) and Ranked in Top 50 Global Reinsurance Groups by Gross Written Premium at 46th in 2024 (2023: 47th) by AM Best. Africa Re has a broad-based shareholding: 42 African member States (34.53%); the African Development Bank (8.36%); 113 African insurance and reinsurance companies (33.85%); Employee Shares Ownership Plan (0.29%) and 3 non regional shareholders (22.98%) leading global insurers and reinsurers namely AXA Africa Holdings, Fairfax Financial Holdings and SanlamAllianz.
With headquarters in Lagos (Nigeria), Africa Re has continental network of regional and contact offices in Lagos (Nigeria), Casablanca (Morocco), Nairobi (Kenya), Abidjan (Côte d’Ivoire), Ebène (Mauritius), Cairo (Egypt), Addis Ababa (Ethiopia) and Khartoum (Sudan). as well as three subsidiaries: Africa Re (South Africa) Ltd in Johannesburg, Africa Retakaful Ltd in Cairo (Egypt) and Africa Re Underwriting Agency Ltd in Dubai (UAE).
As at December 2023, Africa Re wrote US$1.106 billion in premium income and realized a net profit of US$126.95 million. Its shareholders’ funds were at US$ 1.066 billion.
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 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.