The African Reinsurance Corporation (Africa Re) is the leading pan – African Reinsurance Company and the largest re-insurer in Africa and the Middle East in terms of net reinsurance written premiums. Africa Re was established on 24th February 1976 by 36 member States of the then Organization of African Unity (OAU) and the African Development Bank (AfDB) with the mission of fostering the development of the insurance and reinsurance industry in Africa, promoting the growth of the national, regional and sub-regional underwriting and retention capacities and supporting African economic development. Africa Re has its headquarters in Nigeria where it started operations in 1978 and in 2018 posted a gross premium income of US$797.4 million and realized a net profit of US$31.2 million. Its shareholders’ funds reached US$917 million while its total assets were US$1,644.6 million.
The Corporation has a subsidiary company in South Africa (African Reinsurance Corporation South Africa), a Retakaful subsidiary in Cairo, a network of six regional offices (Casablanca – Morocco, Nairobi – Kenya, Abidjan – Cote d’Ivoire, Port Louis – Mauritius, Cairo – Egypt and Lagos – Nigeria) and contact offices in Addis Ababa – Ethiopia, Kampala – Uganda, and Khartoum in Sudan.
Ranked 38th in the 2018 Standard & Poor’s Global Reinsurance Groups and 41st of the Top 50 Global Reinsurance Groups by AM Best in 2018, Africa Re has a broad-based shareholding: 41 African member States (33.59%); the African Development Bank (8.42%); 114 African insurance and reinsurance companies (33.84%); and 3 non regional shareholders (23.15%), including leading global insurers and reinsurers from France (AXA), Canada (FAIRFAX) and Germany (ALLIANZ SE).