23rd Edition – April 2021

Dear Readers,

As we celebrate our 45th Anniversary (Sapphire) this year, I hereby, on behalf of the

Board of Directors and the entire Staff of Africa Re, express our sincere gratitude to all our

stakeholders – notably, the African States, the African insurance and reinsurance companies, the African Development Bank (AfDB) and our successive foreign partners over the years. Their precious support has been instrumental to what we have been able to achieve thus far: the leading reinsurer in Africa and the Middle East, the first and only African reinsurer to rank among the top 50 reinsurance groups in the world, the best rated reinsurance company based in Africa with our “A” and “A-“ by AM Best and Standard & Poor’s, respectively.

The journey has not been easy. There has been a tough social, political and economic

environment, as well as stiff competition at every juncture , from both local and international reinsurers. But the Corporation has always been able to sail through and achieve success, thanks to our core values of Integrity, Professionalism, Creativity and Passion for Excellence.

Our founding fathers had a genius idea. In 1973 already, the Heads of State and Government, members of the then Organization of African Unity (OAU), had adopted in their Action Plan for Economic Development, the establishment of a continent-wide insurance and reinsurance company as a way of resource mobilization for development.

Today, I can say that the vision has been carried out successfully. In our 45 years of existence, Africa Re has written and retained a cumulative premium in excess of US$ 11.35 billion.

That sum could otherwise have left the continent. The Corporation has been consistently profitable since inception, accumulating a total profit in excess of US$ 1.16 billion since 1977.

We have been giving valuable technical support to our cedants, thus enabling them to confidently write business at the national or regional levels. Thousands of insurance professionals in the continent have benefited from this support.

In days like this, we also thank our successive foreign partners. Their partnership with us is

a testimony to the fact that we are truly of international standard. This is also part of the

mission. We appreciate their collaboration. But there is still work ahead. Challenges keep coming every day. The current Covid-19 pandemic is one of them. As it affects the African

populations, it also affects the very reason why we have been established as a Corporation. That is why we have decided to move even closer to our communities in this unprecedented challenging time. I seize this opportunity to also thank all the participants of our last edition of the African Insurance Awards. We didn’t want Covid-19 to stop an initiative that has become a traditional rendez-vous for the industry. That is why we went

ahead and organized it virtually. It turned out to be a very successful edition with over 1,200 participants from all over the world. I say a big “congratulations!” to all the winners, namely Valentine Ojuma of FBN Insurance of Nigeria, Pula of Kenya, Mauritius Union Assurance of Mauritius and Alpha Direct Insurance Company of Botswana. Thank you also for accepting to share your experience in this edition of Africa Re News.

In this edition you will also read an exclusive interview with Mr. Godfrey Kiptum, the CEO of the Kenyan Insurance Regulatory Authority.

I also hereby thank Mr. Andy Tennick, Managing Director of Africa Re South Africa, for his insightful article, “Covid-19 & Business Interruption Insurance” in this edition.

Thank you!

Dr. Corneille Karekezi

Group MD/CEO