Africa Re

Tweet
Resulting from a political decision, Africa Re was set up on February 24, 1976 by the member states of the Organization of African Unity (OAU) and the African Development Bank (ADB) with a mission to mobilize financial resources and to promote the continent's economic development through insurance and reinsurance operations.

Endowed with an initial capital of 10 million USD, Africa Re started out its operations in 1978.

Progressively and thanks namely to a geographical decentralization of its services targeting closer ties with local competitive markets, Africa Re has been asserted as a continental-scale company whose sound financial health has been confirmed by international rating agencies.

Musa S. Al NaasBakary Kamara
ChairmanManaging Director

Africa Re in 2004

Rank
3rd African reinsurer
Capital
100 million USD
Shareholder's equity
130 million USD
Turnover
299.060 million USD
Net profit
9.650 million USD
Number of employees
133 from 19 countries across the continent
Presence in Africa
Lagos, Casablanca, Nairobi, Abidjan, Port Louis, Cairo, Johannesburg

Management

Chairman of the Board of Directors
Musa S. Al Naas
Managing Director
Bakary Kamara
Deputy Managing Director
Haile M. Kumsa
Director of Administration/Corporation Secretary
Isidore Kpenou
Director of Central Operations & Inspection
A.G.Rovoaja
Director Finance & Accounts
Ganiyu Musa
Director Internal Audit
Ike Uduma

Rating

Standard & Poor’s
BBB+
A.M. Best
A –

Main shareholders

Member states of the Organization of African Unity (OAU)
African Development Bank (ADB)
Insurance and reinsurance companies on the continent
The Société Financière Internationale SFI (Subsidiary of the World Bank)
DEG (German investment company)
FMO (Dutch financial company)
PROPARCO (Investment subsidiary of the Agence Française de Coopération)

Premiums' split by class of business: 2000-2004

in millions USD
 20002001200220032004
Fire & accident
61.0064.1888.50140.23240.92
Oil & energy
--16.6922.8117.03
Marine & aviation
13.4017.2015.1225.4230.23
Life
3.663.736.609.6610.88
Total
78.06 85.11 126.91 198.12 299.06

Turnover's split per zone in 2004

Turnover's evolution: 1995-2004

in USD
 Legal cessions1%Voluntary cessions%Total
199517 360 00032.5535 970 00067.4553 330 000
199617 530 00028.6143 750 00071.3961 280 000
199725 290 00040.2137 610 00059.7962 900 000
199825 690 00038.8540 440 00061.1566 130 000
199924 030 00033.8846 890 00066.1270 920 000
200024 260 00031.0853 800 00068.9278 060 000
200123 340 00027.4261 780 00072.5885 120 000
200225 890 00020.39101 080 00079.61126 970 000
200336 970 00018.66161 153 00081.34198 123 000
200433 464 81411.19265 595 18688.81299 060 000
1 A 5% legal cession on all reinsurance treaties of the companies operating within the Organization of African Unity member states is given to Africa Re. From 32.55% in 1995, the legal cessions do not represent today more than 11.19% of the 2005 turnover. South Africa and Tunisia are not subject to this mandatory legal cession.

Results: 2000-2004

in millions USD
 Earned premiumIncurred lossesLoss ratio
2000
69.64632.6046.81 %
2001
73.36637.2150.74%
2002
97.18851.4352.92%
2003
159.80290.4856.62 %
2004
220.319132.9260.33 %

Main Financial highlights: 2000-2004

in millions USD
 20042003200220012000
Written premium
299.060198.123126.91085.11478.060
Retained premium
264.006164.232104.26775.51271.718
Earned premium
220.319159.80297.18873.36669.646
Net profit
9.6506.5025.7095.5404.281
Financial position
Shareholders' funds
130.02394.07762.84051.61750.049
Total assets
476.316331.155215.851164.057150.243

The main African reinsurers

in USD
 ReinsurerCountry2004 turnover
1Munich Re South AfricaSouth Africa370 443 000
2Swiss Re South AfricaSouth Africa311 797 000
3Africa ReNigeria299 060 000
4SCRMorocco 228 127 000
5Best ReTunisia84 736 000
6CCRAlgeria74 130 000
7Egypt ReEgypt67 600 000
8Hannover Re South AfricaSouth Africa58 348 000
9Tunis ReTunisia37 000 000 
10CICA ReTogo28 800 000

Contact




Head office
Plot 1679 Karimu Kotun Street, Victoria Island, P.M.B. 12765, Lagos, Nigeria
Phone
(+234) 1 266 3323 / 262 6660-2 / 618820
- Fax
(+234) 1 266 3282 / 262 6664
- Email
info [at] africa-re [dot] com
- Website
Regional office Côte d'Ivoire
Rue Viviane A24, Cocody Ambassade,
20 BP 1623, Abidjan 20
- Management
Béné B. Lawson
- Phone
(+225) 224 04480 / 1
- Télex
22345 AFRE CI
- Fax
(+225) 224 04482
- Email
abidjan [at] africa-re [dot] com
Regional office Egypt
38 C, Mansour Street, Abdeen,
«Down Town», Cairo
- Management
Omar Gouda
- Phone
(+20) 2 7924020 / 7924180 / 7924190
- Fax
(+20) 2 7924190
- Email
gouda [at] africa-re [dot] com, cairo [at] africa-re [dot] com
africa-re [at] starnet [dot] com [dot] eg
Regional office Kenya
Africa Re Center, Hospital Road, Upper
Hill, P.O. Box 62328 -00200, Nairobi
- Management
George Otieno
- Phone
(+254) 20 273 0660-3
- Télex
23289 AFRICA RE
- Fax
(+254) 20 272 4896 / 273 0608
- Email
nairobi [at] africa-re [dot] com
Regional office Morocco
Tour Atlas, Place Zallaqa, BP 7556, Casablanca
- Management
Moncef Manaï
- Phone
(+212) 2 2317114 / 2306154
- Télex
28079 M
- Fax
(+212) 2 230 1964
- Email
casablanca [at] africa-re [dot] com
Regional office Mauritius
One Cathedral Square, Mezzanine level,
Pope Henessy Street, Port Louis
- Management
Mrs E.N. Amadiume
- Phone
(+230) 210 0795 / 213 1667 / 213 1689
- Fax
(+230) 210 2496
- Email
p [dot] louis [at] africa-re [dot] com

Subsidiary South Africa

African Reinsurance Corporation
South Africa Ltd. (ARCSA)
3rd Floor (North Wing), Oakhurst Building,
11-13 St.Andrew’s Road, Parktown 2194, Hougthton 2041, Johannesburg
Management
Paul Ray
Phone
(+27) 11 484 3764 / 484 1970/1606
Fax
(+27) 11 484 1001
Email
africa [at] africa-re [dot] co [dot] za
0
Your rating: None
Tue, 14/05/2013 - 15:06
© 2023 Groupe Atlas
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits