Magazine date:
May 2014 Africa Re inaugurated on April 1, 2014, its status as an "occasional reinsurer" by offering a cocktail to the Brazilian market in Sao Paulo.
The license granted by the Brazilian authorities stands as a major breakthrough for the first African reinsurer which sets foot on a large-scale emerging market. On the South American continent, Africa Re will be supported by one of its shareholders and local partner IRB-Brazil Re.
According to the Brazilian legislation an "occasional reinsurer" is not required to have a local office, nor can it receive more than 10% of ceded premiums from direct insurance companies.