2024-07-14 19:36:06
The opening of the Africa Re General Meeting was attended by senior representatives of several African governments, namely the Minister of Economy and Finance, Nadia Fettah, the Chairman of the Board of Directors and the General Meeting of Africa Re and current Minister of Finance of the Arab Republic of Egypt, Mohamed Maait, as well as the Chairman of the Insurance and Social Welfare Supervisory Authority (ACAPS), Othman Khalil El Alamy, indicates a press release from Africa Re.
During this major pan-African event, the main developments of the Africa Re Group were presented, as well as the results of insurance and reinsurance activities on the African continent.
On this occasion, Mrs. Fettah indicated that “more than an assembly, it is a real meeting with the players of the industry and insurance. As you know, the themes on which our continent is challenged have evolved a lot in recent years.”
“Before the COVID-19 pandemic, Africa was already working to become more inclusive and sustainable, as provided for in the 2030 Sustainable Development Goals and the African Union’s Agenda 2063,” the minister said, quoted in the press release, noting that “this state of affairs challenges all of us, public authorities and private actors, on the need to pool our efforts to accelerate the structural reforms necessary to strengthen the resilience of our countries, a guarantee of our continent’s long-term prosperity.”
For his part, the Vice President of the Board of Directors and the General Assembly of Africa Re, Bakary Kamara assured that “it is a great pleasure for me to speak before you today, in the city of Rabat, to reflect on the activities of our pan-African organization, Africa Re.”
“After 1980, 1995 and 2012, we are back in 2023 in the Kingdom of Morocco, a country that has contributed so much to the unity of Africa and has been at the forefront of many pan-African initiatives,” he added, noting that as one of the top five African economies, the Kingdom of Morocco has always supported various intra-African trade initiatives. The African Continental Free Trade Area (AfCFTA) agreement is a recent example.
Africa Re, of which Morocco has been a founding member since 1976, is a pan-African intergovernmental reinsurance company. It was created following a recommendation from the African Development Bank (AfDB), to develop the insurance and reinsurance sector in Africa, by increasing underwriting and retention capacities and to contribute to the economic development of the continent, notes the press release.
The pan-African company was created by the plenipotentiaries of 36 member states of the OAU (the former Organization of African Unity) and the African Development Bank (AfDB). Africa Re now has as shareholders the AfDB, 42 African states, 113 African insurance and reinsurance companies and 3 global shareholders, namely the AXA Group, the Canadian Fairfax Financial Holdings Group and the world’s leading insurer Allianz SE, which together hold 23% of the capital.
Africa Re, which is the leading reinsurer in Africa and the MENA region, enjoys financial strength and a credit rating comparable to those of major international reinsurers, with a rating of “A–” assigned by Standard & Poor’s and “A” by AM Best.
In 2022, the Group achieved a turnover of nearly 1 billion US dollars.
Headquartered in Lagos, Nigeria, Africa Re operates through seven regional offices across Africa, Casablanca, Morocco, Dubai, United Arab Emirates, Abidjan, Côte d’Ivoire, Nairobi, Kenya, Lagos, Nigeria, Cairo, Egypt and Ebene, Mauritius. In addition, Africa Re also has a local office in Addis Ababa, Ethiopia and an underwriting representative office in Kampala, Uganda.
It also has three subsidiaries (Africa Re South Africa Limited in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and Africa Re Underwriting Agency Limited in Dubai (United Arab Emirates).
And to recall that the African Reinsurance Corporation (Africa Re) achieved a net profit of 31.98 million US dollars in the first quarter of 2023.
2024-07-14 19:36:06