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 40th in the 2022 Standard & Poor’s Global Reinsurance Groups and 46th of the Top 50 Global Reinsurance Groups by AM Best in 2021, Africa Re has a broad-based shareholding: 42 African member States (34.63%); the African Development Bank (8.38%); 113 African insurance and reinsurance companies (34.94%); and 3 non-regional shareholders (23.05%), including leading global insurers and reinsurers from France (AXA), Canada (FAIRFAX) and Germany (ALLIANZ SE).
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 2021, Africa Re wrote US$845.35 million of premium income and realized a net profit of US$38.8 million. Its shareholders’ funds reached US$ 1.0 billion while its total assets were US$1.8 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 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.