Founder
Learn about African Reinsurance Corporation
Our History
The Founder - African Reinsurance Corporation
The African Reinsurance Corporation (Africa Re) is the leading pan-African reinsurance company and the largest underwriter in Africa with written premium at ten (10) billion dollars.
Africa Re was set up by 36 African states in 1976, following a recommendation of the Organization of African Unity (OAU) in 1976, to develop the insurance industry in Africa through increased underwriting and retention capacities, and to support the establishment 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 grown tremendously.
Shareholder Structure: Africa Re has a broad-based shareholding comprising 42 African member states (34.53%), African Development Bank ADB (13.47%), 113 regional-based shareholders (29.10%), 3 non-regional shareholders (22.98%), and the Employee Shares Ownership Plan (0.29%). The three regional shareholders include leading global reinsurers from France (AXA), Canada (FAIRFAX) and Germany (SANLAM ALLIANZ SE).
With headquarters in Lagos (Nigeria), Africa Re operates through six (6) Regional Offices located in: Africa: Casablanca (Morocco), Abidjan (Cote d'Ivoire), Nairobi (Kenya), 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 five (5) equity 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 AA+ by GCR Ratings (since 2016).