Africa Re stirs up the greed of insurance tenors

Magazine Issue:

Disruption of the supply chain, the Pandora’s box [3]

Magazine date:

Jun 2018

Allianz has acquired an 8% stake in Africa Re’s capital. The transaction which amounted to 81 million USD, positions the German giant among the most significant shareholders of the Pan African company.

In the course of the 42 years of its existence, Africa Re [4] has not only managed to become a leading reinsurer in Africa, but it also succeeded in attracting major international players. In 2012, the first Brazilian reinsurer, IRB-Brasil Re, entered the company’s capital. In February 2015, the French insurer, Axa, became shareholder with a 7.15% stake. In March of the same year, the Canadian group, Fairfax Financial, became shareholder, also acquiring a 7.15% stake.

Africa Re’s current shareholding is quite varied. Initially scattered between African States and the African Development Bank (AfDB), the company’s board today does not only include African States but also African and foreign insurance and reinsurance companies along with international financial institutions.