Established in 1976 on a recommendation of the African Development Bank as a way to help reduce the drain of foreign currency from the continent, the African Reinsurance Corporation (Africa Re) is a joint effort of 41 states to provide local insurers with an alternative to global reinsurance companies.
With its head office in Lagos, Nigeria, six regional offices, and subsidiaries in South Africa and Egypt, Africa Re canvasses the entire continent. The corporation has been a driver of the accelerated growth experienced by the insurance and reinsurance sectors in Africa. After revamping its marketing practices and further increasing the range of its services, Africa Re has managed to capture a significantly enlarged market share.
Though Africa Re receives a 5% cession on all reinsurance business generated by insurers operating in its member states, most of the corporation’s revenue – up to 91.7% as at December 2013 – is now sourced from voluntary cessions.
The CFI.co Judging Panel applauds the sustained effort of Africa Re to assist with the development of a strong African insurance industry which, in turn, facilitates business, trade, and overall economic development. The Judges particularly mentioned the essential nature of the services provided by the corporation and felt no hesitation in naming Africa Re the worthy recipient of the Best Reinsurance Company Africa 2014 Award.