African Reinsurance Corporation (2024)

African Reinsurance Corporation (Africa Re) is the leading pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums.

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, Africa Re has a broad-based shareholding: 41 African member States (33.59%); the African Development Bank (8.42%); 111 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).

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 US$746.8 million of premium income and realized a net profit of US$87.9 million. Its shareholders’ funds reached US$902 million while its total assets were US$1,628.5 million.

The Financial Strength and Credit Rating of Africa Re is A (Stable) by A.M. Best Company (since 2016) and A – (Stable) Standard & Poor’s (since 2009).

Besides its dedication to professional insurance capacity building and technical assistance to African insurers, Africa Re participates in the equity of major regional development institutions: Africa Export-Import Bank (AFREXIMBANK), Shelter Africa, African Trade Insurance Agency (ATI), Preferential Trade Area Bank (PTA Bank) and invests significantly in African financial markets.

Up to 2% of Africa Re’s annual net profit is used to finance Corporate Social Responsibility initiatives in member countries with a focus on risk management for development.

  • Phone+234(1)2800924/5; +234(1)4616820/8

Plot 1679 Karimu Kotun Street

Victoria Island P.M.B. 12765 Lagos


Key Contacts

Deputy Managing Director / Chief Operating Officer

ExpertiseDeputy Managing Director / Chief Operating Officer

Deputy Managing Director / Chief Operating Officer

Since joining the Corporation in 1985, Mr Ken AGHOGHOVBIA worked in different capacities before rising to the position of Regional Director of the Anglophone West Africa Regional Office. He was the pioneer Regional Director of this Office when it was established in 2009 and played a pivotal role in the turnaround of the fortunes of the Regional Office, the African Oil and Energy Pool and the African Aviation Pool.

Mr AGHOGHOVBIA holds a Bachelor of Science in Insurance (Nigeria) and a Master’s degree in Business Administration (Nigeria). He is an Associate (ACII) and a Fellow (FCII) of the Chartered Insurance Institute (UK).

He has been a member of various regional professional committees.

Mr AGHOGHOVBIA became Deputy Managing Director / Chief Operating Officer on 1 July 2011.

African Reinsurance Corporation (2024)


Who owns African Reinsurance Corporation? ›

Ranked 36th in the 2019 Standard & Poor's Global Reinsurance Groups and 41st in the Top 50 Global Reinsurance Groups by AM Best in 2019, Africa Re has a broad-based shareholding comprising: 42 African member States (34.63%); the African Development Bank (8.38%); 114 African insurance and reinsurance companies (34.94%); ...

Who is the largest reinsurance company in Africa? ›

African reinsurers: ranking according to turnover 2022
1Munich Reinsurance Co. of Africa (MRoA)South Africa
2Africa ReNigeria
3Swiss Re Africa (2)South Africa
49 more rows
Mar 7, 2024

What is the credit rating of African Reinsurance Corporation? ›

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of African Reinsurance Corporation (ARC) (Nigeria). The outlook of these Credit Ratings (ratings) is stable.

What is the revenue of the African Reinsurance Corporation? ›

The Corporation recorded a Net Income of US$ 129.145 million compared with US$ 23.733 million in 2022. This is an improvement of 444.16%.

Who is the largest reinsurer in the world? ›

Munich Re Group or Munich Reinsurance Company (German: Münchener Rück; Münchener Rückversicherungs-Gesellschaft) is a German multinational insurance company based in Munich, Germany. It is the world's largest reinsurer. ERGO, subsidiary of Munich Re, serves as the primary insurance arm of the Group.

Where do reinsurers get money? ›

Under proportional reinsurance, the reinsurer receives a prorated share of all policy premiums sold by the insurer. For a claim, the reinsurer bears a portion of the losses based on a pre-negotiated percentage. The reinsurer also reimburses the insurer for processing, business acquisition, and writing costs.

What is the credit risk of a reinsurer? ›

Reinsurance credit risk arises whenever a direct insurer is exposed to loss if a reinsurer fails to pay reinsurance recovery.

What does credit for reinsurance mean? ›

Credit for reinsurance is a statutory accounting procedure permitting a ceding company to treat amounts due from reinsurers as assets or reductions from liability based on the status of the reinsurer.

What is Allianz credit rating? ›

The Standard & Poor's rating of AA (Very strong)

How do reinsurers make profit? ›

Reinsurers play a major role for insurance companies as they allow the latter to help transfer risk, reduce capital requirements, and lower claimant payouts. Reinsurers generate revenue by identifying and accepting policies that they believe are less risky and reinvesting the insurance premiums they receive.

Who pays reinsurance commission? ›

So, the general practice is that the reinsurers participate in the insurers' acquisition cost by paying some commission on the premium ceded to them. The purpose of reinsurance commission is to reimburse the ceding insurer with some amount of what is incurred by the ceding reinsurer for acquiring the business.

Why do reinsurance companies exist? ›

Several common reasons for reinsurance include: 1) expanding the insurance company's capacity; 2) stabilizing underwriting results; 3) financing; 4) providing catastrophe protection; 5) withdrawing from a line or class of business; 6) spreading risk; and 7) acquiring expertise.

Who owns Kenya re? ›

The numbers of shares are 600,000,000. The Kenya Government has the majority shareholding of 360, 000,000 (60%) while the remainder (40%) 240,000,000 is held by the public.

Who bought Nicon insurance? ›

The National Insurance Commission (NAICOM) has approved the acquisition of Nicon Insurance and Nigeria Re by the Asset Management Corporation of Nigeria (AMCON). The regulatory authority has also approved the new board of directors and management of the two companies.

Who is the managing director of Africa Re? ›

Corneille KAREKEZI

He rose to the current position of Group Managing Director and Chief Executive Officer of Africa Re in July 2011 after a transitional period of 2 years during which he served successively as Deputy Managing Director and Deputy Managing Director / Chief Operating Officer.

Who is the CEO of Waica reinsurance? ›

Abiola Ekundayo - CEO - WAICA RE | LinkedIn.


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