Reinsurance News
Africa
Medu Capital invests in Price Forbes SA
1st April 2022
Medu Capital has invested in Price Forbes South Africa, to support its buy-and-build strategy, resulting in a 35% ownership within the company and will be an active shareholder as Price Forbes continues to grow in the region. Medu Capital is a 100% black-owned investment management company with strong connections in South ... Read the full article
Activists urge Munich Re and Lloyd’s to stop insuring EACOP Pipeline
29th March 2022
Environmental activists are calling for Munich Re and Lloyd's to follow other global re/insurers by no longer insuring the East African Crude Oil Pipeline (EACOP). The campaign #StopEACOP has been urging for a number of the worlds largest re/insurance companies to pull back from the scheme. On the campaign’s website it states ... Read the full article
Lemonade to use blockchain to deliver “affordable and instantaneous” climate insurance
22nd March 2022
Insurtech firm Lemonade has announced the launch of the Lemonade Crypto Climate Coalition, which will offer climate insurance to the world’s most vulnerable farmers. The climate insurance will be architected as a stable coin-denominated, decentralised application (dApp) on Avalanche – an eco-friendly proof-of-stake blockchain. This will allow farmers to make and ... Read the full article
Neema launches reinsurance capacity partnership with SOPAC
16th March 2022
African specialist underwriting agency, Neema Insurance Managing Agency has gone into partnership with the American Samoa headquartered insurance company, Southern Pacific Insurance Corporation (SOPAC). The agreement which has been effective as of 1st March this year, will see SOPAC giving exclusivity to Neema to take business on their behalf in African ... Read the full article
Tanzania welcomes second local reinsurer
14th February 2022
According to The Citizen, Tanzania has been granted a newly registered reinsurance firm, Grand Re, allowing local insurance companies to share risk by purchasing insurance policies from other insurers. Grand Re has subsequently become Tanzania’s second local reinsurance company, joining Tanzania Reinsurance Company (TanRe) whose 45% of its shareholding is owned ... Read the full article
Non-African reinsurers must adapt to Africa, not vice versa: Neema
19th November 2021
Unlocking the enormous opportunities in the African market will require reinsurers to adapt their approach based on local realities, not the other way around, according to African specialist underwriting agency, Neema Insurance Managing Agency, which has recently celebrated its first year of operations with very strong results. During an interview with ... Read the full article
German Gov commits €18m to subsidize ARC climate cover
5th November 2021
Alongside the United Nations 2021 United Nations Climate Change Conference (COP26), the Government of Germany has committed €18 million to subsidize the cost of disaster risk insurance for qualifying African Risk Capacity (ARC) Group Member States. In a statement, the Parliamentary State Secretary to the Federal Ministry for Economic Cooperation and ... Read the full article
JBA & RSIS partner on flood modelling for African insurers
22nd September 2021
JBA Flood Risk Management Limited has collaborated with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modelling capability to provide flood risk analytics and catastrophe modelling services for its insurance clients across the continent. RSIS has offices in Mauritius, Ivory Coast, Kenya, South ... Read the full article
RSIS names Chiguye as Regional Head for Southern Africa
22nd June 2021
Reinsurance Solutions Intermediary Services (RSIS), the recently launched subsidiary of African reinsurance broking group Reinsurance Solutions Group, has announced the appointment of Blessing Chiguye as Regional Head for Southern Africa. Launched in August 2020, RSIS provides niche reinsurance and insurance solutions to clients operating in Southern Africa, with a focus ... Read the full article
Neema launches Political Violence & Terrorism product in Africa
14th June 2021
African specialist underwriting agency Neema Insurance Managing Agency (Neema) has launched a Political Violence & Terrorism reinsurance product aimed to help protect the African markets. Headquartered in Mauritius, Neema is regulated by the Financial Services Commission and has facilities from reputable reinsurers that enable it to underwrite on their behalf across ... Read the full article
ARC launches parametric cyclone product in Africa
22nd December 2020
The African Risk Capacity (ARC) Group is proposing a new parametric insurance mechanism to African countries in the South West Indian Ocean (SWIO) to help mitigate the damages caused by tropical cyclones. The product, already in use by Madagascar, was developed by ARC in response to a growing demand for parametric ... Read the full article
Cameroon Re prepares to launch with $27mn capital
11th November 2020
Reports from African media suggest that Cameroon Re, a new national reinsurance company, is preparing to launch with FCFA 15 billion (USD 27.1 million) of capital. Sources at Kapital Afrik informed the publication that the reinsurer is in the final stages of its formation, and is awaiting legal approvals. The launch of ... Read the full article
Nigeria has potential to develop insurance sector: AM Best
7th October 2020
AM Best has released a report showing how Nigeria’s substantial oil and gas reserves, its young and growing population and its position as Africa’s largest economy, gives it potential to significantly develop its insurance sector. In addition, insurance penetration which included a market gross written premium (GWP) as a percentage of ... Read the full article
Allianz to acquire five East African P&C insurers in $100mn deal
29th September 2020
Global insurer Allianz has announced a partnership that will see it acquire controlling stakes in five East African general insurance companies, all of which belong to Jubilee Holdings Limited, the region's largest insurance group. The partnership, which has been finalised but still requires regulatory approval, covers the property & casualty segment in Kenya, ... Read the full article
Continental Re enhances agricultural reinsurance capabilities through Agritask
10th September 2020
Pan-African reinsurance company, Continental Reinsurance plc, is looking to enhance its agricultural reinsurance operations via the utilisation of Agritask's risk management platform. Agritask, the developer of an agronomic operations platform with clients across five continents, will support Continental Re through its flexible, data-driven system and modelling suite. Continental Re stands to benefit ... Read the full article
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