African Reinsurance Corporation (Africa Re), a leading pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums has received the ‘2018 Outstanding Insurance Development Promoter Of The Year’ award of the National Association of Insurance and Pension Correspondents (NAIPCO).
NAIPCO, a body of Insurance and Pension Journalist in Nigeria after a critical analysis of Africa Re’s immense contribution to the growth of insurance industry in Nigeria nominated the reinsurer for the award.
The award was received on behalf of Africa Re by Ken Aghoghovbia, deputy managing director/COO of the company.
“This award is in further recognition of your strong commitment to the development of insurance in the African Continent and Nigeria specifically exemplified by your recent partnership with the IFC, a member of the World Bank Group to help insurers in Nigeria develop innovative agricultural insurance products for small holder farmers, the organizers said.
“Again next month between September 3rd and 5th you are partnering with the College of Insurance and Financial Management to train and build capacity for Nigerian insurers on product pricing and development, among other capacity building efforts you are doing in the Nigerian market.”
“These are efforts that we believe will unlock opportunities in the agricultural sector for growth of the insurance business in Nigeria, and other business lines in the market”, the organizers said.
Africa Re was set up by 36 African states in 1976, following a recommendation by the African Development Bank (AfDB), with the mission of developing the insurance and reinsurance industry in Africa through increased underwriting and retention capacities, and support to African economic development.
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,.
With headquarters in Lagos (Nigeria), Africa Re operates through six (6) Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius), one (1) Local Office in Addis Ababa (Ethiopia) and one (1) Underwriting Representative in Kampala (Uganda). It also has two (2) Subsidiary Companies (Africa Re South Africa Limited and Africa Retakaful) in Johannesburg (South Africa) and Cairo (Egypt) respectively.
In 2017, Africa Re wrote $746.8 million of premium income and realized a net profit of $87.9 million. Its shareholders’ funds reached $902 million while its total assets were US$1,628.5 million.