Fairfax enters the capital of Africa Re

After the French insurer AXA that acquired last February 7.15% in the capital of Africa Re, it is the turn of Fairfax Financial Holdings Canada to join the shareholders of the African reinsurer.

Based in Toronto, Fairfax, a financial services holding company with main interests in the insurance and reinsurance business, has recently acquired 7.15% share in Africa Re.
The transaction amount totaled to 61 million USD. Fairfax also obtained a seat on the board of directors.

Currently, the main shareholders of Africa Re are as follows: 41 African States (34% of the shares), 100 insurance and reinsurance companies (33% of the shares), the African Development Bank (8%), IRB-Brasil Re (8%), AXA (7.15%) and Fairfax (7.15%).