Reinsurance News

Africa Re

Africa Specialty Risks partners with Africa Re on political risk & trade credit

22nd November 2022

Africa Specialty Risks and the African Reinsurance Corporation have announced that they have entered into a partnership agreement on the provision of Political Risk and Trade Credit Insurance through an Underwriting Authority Agreement which brings in a $10 million multi-year capacity for risks situated in Africa and the Middle East. Read the full article

Gallagher Re and Africa Re team up to address protection gap in Africa

5th July 2022

Gallagher Re and Africa Re are to team up in an effort the firms say will ‘strengthen the financial resilience of African countries against a broad range of climate, crisis and disaster risks’. Named ‘Accelerating action through scalable risk transfer schemes’, the initiative is offering a robust, replicable, and modular framework ... Read the full article

Africa Re “optimistic” after improved H1 performance

27th September 2021

Africa Re CEO Corneille Karekezi has said he is “cautiously optimistic” about the company’s prospects for 2021, following an H1 period that yielded improved underwriting and investment performance, as well as higher profits. Africa Re recorded a gross premium income of US $421 million in the first six months of 2021 ... Read the full article

Africa Re joins DIFC in Middle East expansion

5th October 2020

Africa Reinsurance Group has selected the Dubai International Financial Centre (DIFC) for its first office outside Africa. DIFC is a financial centre in the Middle East, Africa and South Asia (MEASA) region and says Africa Re will operate as Africa Re Underwriting Agency Limited. Africa Re's focus is on the underwriting of proportional and ... Read the full article

Africa Re offers $3.3mn to support pandemic resistance

29th July 2020

Pan-African reinsurer Africa Re has announced that it will offer US $3.3 million in financial support to various governments and private institutions to help resist the impacts of the COVID-19 pandemic. Managed by the Africa Re Foundation, the funds will aid awareness campaigns, preventive measures, acquisition of medical equipment and personal ... Read the full article

Africa Re and IFC partner to develop Nigeria’s argicultural insurance sector

28th March 2019

Africa Re has signed an agreement with IFC, a member of the World Bank Group, to assist insurers in Nigeria with the development of innovative agricultural solutions for small holder farmers. Lunched by the Nigerian Commissioner for Insurance, Muhammed Kari on March 26th 2019, the agreement sees Africa Re work with ... Read the full article

Alesco launches $3.5bn energy reinsurance facility for Equatorial Guinea

21st March 2019

Alesco Risk Management Services, the specialist insurance and risk management broker, has been appointed by Africa Reinsurance Corporation (Africa Re) to arrange a reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea. The commission of the $3.5 billion facility, which will largely be placed through Lloyd’s, adheres ... Read the full article

Allianz Group to purchase 8% stake in Africa Re

30th May 2018

Allianz Group has entered into an agreement to acquire an 8% stake in African Reinsurance Corporation (Africa Re) for a total cash consideration of USD 81 million. The transaction will make Allianz one of the largest shareholders in Africa Re, and will enable both companies to jointly promote insurance penetration in ... Read the full article

Agricultural insurance needed in underdeveloped Nigerian market: Reports

26th October 2017

Africa Re, the World Bank, and the federal government are collaborating to improve insurance penetration levels among farmers through affordable insurance packages, Ken Aghoghovbia, Chief Operating Officer/Deputy Managing Director, of Africa Re said in an interview with Nigeria Today. Increased agricultural insurance penetration is expected to play a crucial role in ... Read the full article

Africa Re builds partnerships to boost Nigeria profit

4th April 2017

Africa Re has attributed much of its success throughout Nigeria and the African continent to developing diverse partnerships that support re/insurance market growth. The reinsurer said its unique ventures - such as the mitigation of forex risk through accepting payment of reinsurance premiums in Nigerian bank accounts and in the national ... Read the full article

Kenya Re reveals plans to move into North Africa

20th March 2017

Kenya Re has revealed plans to open a regional hub in Sudan or Egypt as North Africa becomes its next target market after having successfully consolidated Southern and Western African lines of business, the Star reported. Kenya Re managing director Jadiah Mwarania, told the Star the 60% state-owned company was aiming ... Read the full article

NAICOM urged to level playing field for Nigerian reinsurers

14th March 2017

Pan-African reinsurance company Africa Re has an unfair, dominant share of the Nigerian reinsurance market, which is causing local reinsurance companies to perform below expectations, according to reports from the region. This is according to online Nigerian insurance and pension news reporting website Inspenonline, which, citing an unnamed industry expert, says that Africa ... Read the full article

World Bank & Africa Re collaborate to expand microinsurance

15th February 2017

The World Bank Group’s Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have entered into an innovative risk-sharing facility agreement, that's expected to create more affordable local insurance solutions and help protect smallholder farmers from the impact of climate change. The agreement is meant to provide a boost ... Read the full article