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AFRICAN REINSURANCE CORPORATION
AFRICA RE

Last update 3 months ago

Industry Finance | Insurance (184)
Victoria Island, Nigeria
Workforce 201 - 500 employees

+234 1 461 6820 | +234 1 461 6828

Email info@africa-re.com Website


Following a recommendation of the African Development Bank (AfDB), the African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 in Yaounde, Cameroon. An international Agreement was signed by the Plenipotentiaries of 36 member States of the Organization of African Unity (OAU) and the AfDB with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein...

That Agreement, known and referred to as the Agreement Establishing the African Reinsurance Corporation confers on Africa Re its current status as well as the legal authority to operate. As at today, Africa Re has 41 member States representing 38.75 % of the capital (end 2010) in addition to the AfDB, which is among the single largest shareholders with 8% of the capital (end 2010).

The Agreement also empowers any member State to authorize a national institution, either a bank or an insurance company acting on its behalf, to purchase the shares reserved for the State. In order to allow its cedants to share the Corporation's fortune and participate more closely in its affairs, one-third of Africa Re's capital was opened up in 1992 to insurance companies with a majority indigenous shareholding.

A good number of the companies have already subscribed and paid up for the shares allotted to them. To date, more than 100 insurance and reinsurance companies are shareholders of Africa Re with a 32.25 % combined stake (end 2010).

Also, in 2001 it was decided that the Corporation's capital be increased to US$ 100 million and opened to non-African investors so as to have the required strategic partners. As a result, four (4) non-African Development Finance Institutions (DFIs) subscribed and paid for a total of 21% of the capital of Africa Re (end 2010), bringing the number of AAA rated shareholders to Five (5) and accounting for 29% of the corporation's shareholding. The four DFIs are:

  • IFC (International Finance Corporation, a branch of the World Bank),

  • DEG (German Investment and Development Corporation, member of the KfW Banking Group),

  • FMO (Entrepreneurial Development Bank of the Netherlands),

  • PROPARCO (French Financial Development Institution, member of the Groupe Agence Française de Développement).

In line with the decision to allow companies and non-African DFIs to participate in the Corporation's capital, it was decided that the Board of Directors be enlarged to allow representatives of insurance / reinsurance companies and DFIs to occupy majority of seats therein.

In 2010, Africa Re called the 4th Capital Increase to bring its paid-up capital to US$ 300 million and its shareholders funds to US$ 600 million by end of 2012. IRB-Brasil Re, the leading reinsurance company in Brazil became a shareholder of Africa Re in 2012. 

BOARD

C... K...

Chief Executive Officer
Ongoing
AFRICAN REINSURANCE CORPORATION
AFRICA RE
Nigeria - Finance | Insurance
Chief Executive Officer
Ongoing

Deputy Managing Director And Chief Operating Officer
2009 - 2011

SHELTER AFRIQUE
Kenya - Property & Real Estate
Non-Executive Director
Effective 3 years ago

Appointed to the board 6 years ago

Chairman
2012 - 2014
44 relationships

H... B...

Chairman
Ongoing

A... J...

Vice Chairman
Ongoing

S... E...

Director
Ongoing
AFRICAN REINSURANCE CORPORATION
AFRICA RE
Nigeria - Finance | Insurance
Director
Ongoing


SHELTER AFRIQUE
Kenya - Property & Real Estate
Vice Chairman
2015 - Unknown (Appointed to the board in 2010)

W... Z...

Alternate Director
Ongoing

K... K...

Alternate Director
Ongoing

P... A...

Director
Ongoing

M... K...

Director
Ongoing
AFRICAN REINSURANCE CORPORATION
AFRICA RE
Nigeria - Finance | Insurance
Director
Ongoing


NATIONAL INSURANCE COMMISSION
NAICOM
Nigeria - Finance | Insurance
Commissioner
Effective 2 years ago

31 relationships

A... A...

Director
Ongoing

B... B...

Director
Ongoing
AFRICAN REINSURANCE CORPORATION
AFRICA RE
Nigeria - Finance | Insurance
Director
Ongoing


Director
Ongoing


NSIA BANQUE CÔTE D'IVOIRE
Ivory Coast - Finance | Banking
Director
Ongoing

54 relationships

F... F...

Director
Ongoing
AFRICAN REINSURANCE CORPORATION
AFRICA RE
Nigeria - Finance | Insurance
Director
Ongoing


AXA MANSARD INVESTMENTS
Nigeria - Financial Services
Chairman
Ongoing


AXA MANSARD INSURANCE
Nigeria - Finance | Insurance
Non-Executive Director
Ongoing


AXA MANSARD PENSIONS
Nigeria - Finance | Insurance
Director
Ongoing

75 relationships

M... S...

Alternate Director
Ongoing

J... C...

Director
Ongoing

K... O...

Alternate Director
Ongoing

H... M...

Alternate Director
Ongoing

M... O...

Alternate Director
Ongoing

J... D...

Alternate Director
Ongoing

A... B...

Alternate Director
Ongoing

S... S...

Alternate Director
Ongoing

M... A...

Director
Ongoing

K... M...

Director
Ongoing

O... H...

Alternate Non-Executive Director
Ongoing
FBN HOLDINGS
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Non-Executive Director
Ongoing


THE INFRASTRUCTURE BANK
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Non-Executive Director
Ongoing


LEADWAY ASSURANCE COMPANY
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Chief Executive Officer
Effective 23 years ago


AFRICAN REINSURANCE CORPORATION
AFRICA RE
Nigeria - Finance | Insurance
Alternate Non-Executive Director
Ongoing

70 relationships
MANAGEMENT

S... K...

Director, Finance And Accounts
Ongoing

R... U...

Director, Administration And Human Resources
Ongoing

A... D...

Director, Information And Communication Technology
Ongoing

K... A...

Deputy Managing Director, Chief Operating Officer
Ongoing

M... A...

Director, Central Operations And Special Risks
Ongoing

D... M...

Director, Internal Audit
Ongoing

S... M...

Corporate Secretary
Ongoing

E... M...

Director, Risk Management And Compliance
Ongoing
BANK OF AFRICA KENYA
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Non-Executive Director
Ongoing


AFRICAN REINSURANCE CORPORATION
AFRICA RE
Nigeria - Finance | Insurance
Director, Risk Management And Compliance
Ongoing

46 relationships
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