Africa Re

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African Reinsurance Corporation
TypeAfrican Reinsurance Corporation
IndustryFinancial services
Founded24 February 1976; 45 years ago (1976-02-24)
HeadquartersLagos, Nigeria
Key people
Corneille Karekezi (CEO) Hassan Boubrik (Chairman)
ProductsReinsurance, insurance, asset management
Revenue US$845 million (2019)[1]
US$100 million (2019)[1]
Total assetsUS$1,771 million (2019)[1]
Total equityUS$975 million (2019)[1]
Number of employees
254 (2019)[1]
WebsiteHomepage

African Reinsurance Corporation, generally known as Africa Re, is a reinsurance company based in Lagos, Nigeria. Africa Re was founded on 24 February 1976 in Yaounde, Cameroon[2] making it Africa's first Continental Reinsurer.[3] The company operates in 41 countries of the African Union through approximately 107 insurance/reinsurance companies. In September 2010, Africa Re launched its subsidiary company African Takaful Reinsurance Company (Africa Retakaful).[4] In May 2018, Africa Re launched a young insurance training programme (YIPP).[5]

Share capital[]

The company, which was set up with a share capital of 15 million USD, has carried out several capital increases, the chronology of which is listed below.

Progression of the company's share capital
(in millions of USD)
Date Share capital
$millions
1976 15 (initial)
1990 30
1997 50
2001 100
2007 500 (current)

Shareholding[]

The launch of Africa Re was the result of an association between the African Development Bank (AfDB) and 36 member states of the Organisation of African Unity (OAU).

  • In 1992, 16 years after the company was launched, new countries joined the founding members, bringing the number of state shareholders to 41.[6]
  • In the same year (1992), shareholding was extended to insurance companies that are majority owned by African legal entities.[7]
  • The year 2001 was an important turning point in the company's history as it opened up to non-African foreign investors. Four development finance institutions (DFIs) acquired a stake in the company's share capital.[6]
    • International Finance Corporation (IFC), a subsidiary of the World Bank
    • Deutsche Investitions- und Entwicklungsgesellschaft (DEG), German investment and development company, member of the KfW banking group
    • FMO, Entrepreneurial Development Bank of the Netherlands
    • Promotion et Participation pour la Coopération (PROPARCO), French development finance institution, member of the French Development Agency Group (AFD)

Who subscribed the major increase in share capital in 2007?

  • In 2012, IRB-Brasil Re became the first non-African reinsurer to become a shareholder of  the company. This equity participation helped Africa Re to obtain the status of operator in Brazil,[8] thereby expanding its activities to Latin America.
  • In 2015, two new major non-African shareholders joined the company. These were AXA, one of the world's leading insurance companies, and Fairfax Financial Holdings, a Canadian holding company with a strong portfolio in insurance and reinsurance. These two shareholders acquired the shares belonging to the Development Finance Institutions.
  • In 2018, Allianz acquired the 8% stake of IRB Brasil in Africa Re.

Africa Re Shareholdings

  41 Member States (34.51%)
  The African Development Bank (8.40%)
  113 African insurance and reinsurance companies (34%)
  3 non-African investors (23.09%)
Africa Re Shareholdings
Shareholders Number of shares Shares %
41 OAU Member States 986,627 34.51
African Development Bank 240,000 8.40
113 African insurance and reinsurance companies 971,984 34.00
3 Non-African investors: Fairfax Financial, AXA, and Allianz SE. 660,000 23,09
Total 100.00

Organization and structures[]

Africa Re's governance is organized around a Board of Directors and a management team with Hassan Boubrik serving as the Chairman of the group and Corneille Karekezi as the Group Managing Director and CEO.[9]

See also[]

References[]

  1. ^ Jump up to: a b c d e "African Reinsurance Corporation 2019 Annual Report & Accounts" (PDF).
  2. ^ "Commercial Risk Africa" (PDF) (June 2016 ed.). CRA Reinsurance Africa's Future. Archived from the original (PDF) on 4 January 2017. Retrieved 4 January 2017.
  3. ^ Dr. Karekezi, Corneille. "Overview of Hloabl Trends in Reinsurance: Africa Re Perspective" (PDF). Africa Re. Archived from the original (PDF) on 5 January 2017. Retrieved 4 January 2017.
  4. ^ "Africa Re Group launches Africa Retakaful – Vanguard News". Vanguard News. 12 September 2010. Retrieved 14 May 2018.
  5. ^ "Africa Re launches new insurance training programme – Vanguard News". Vanguard News. 14 May 2018. Retrieved 30 August 2018.
  6. ^ Jump up to: a b "History". www.africa-re.com. Retrieved 23 June 2021.
  7. ^ "Africa Re: the group activities". atlas-mag.net. Retrieved 23 June 2021.
  8. ^ "Africa Re wins Brazilian licence a year after IRB-Brasil's investment". www.i-law.com. Retrieved 23 June 2021.
  9. ^ "Corneille KAREKEZI (Group Managing Director / Chief Executive Officer)". www.africa-re.com. Retrieved 23 June 2021.


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