Wednesday, 14 February 2018

AFRICAN REINSURANCE CORPORATION BECOMES MEMBER OF AFRICAN FINANCE CORPORATION

African Reinsurance Corporation has announced its membership of Africa Finance Corporation (AFC), becoming the first multi-lateral financial institution to invest in the AFC.

AfricaRe, owned by 41 African states, approximately 107 insurance/reinsurance companies and non-African strategic investors, is the continent’s premier reinsurance corporation, operating across 41 African countries.

AfricaRe’s membership of AFC was officially sealed at a signing in Lagos last Thursday. AfricaRe’s membership of AFC advances AFC’s growth strategy for its country membership and greater diversification of its shareholding.

In recent months, the AFC has grown its country membership in Francophone, East and Southern Africa, with the accession in 2017 of Benin, Kenya and Zambia, respectively. The AFC now seeks to consolidate this success by further expanding its shareholder base.

The President and Chief Executive Officer of AFC, Andrew Alli, was quoted as saying, “We welcome African Reinsurance Corporation as a member and shareholder of AFC. As the first multilateral financial institution to become a member of AFC, this is a key milestone for us, as the  corporation seeks to further diversify its shareholding.

“We are, therefore, pleased to welcome AfricaRe’s premier reinsurance corporation into membership of AFC and look forward to collaborating with AfricaRe to provide innovative solutions to the development and financing of infrastructure assets in Africa.”

The Group Managing Director/Chief Executive Officer of AfricaRe, Corneille Karekezi, said, “As a corporation with both private and public shareholders, we see many synergies with the AFC in the pursuit of African continent development agenda as well as business growth. Indeed, we have long admired AFC, and the transformative impact it has made across many of the geographies in which we operate, while delivering competitive returns. We are therefore delighted to become a part of one of Africa’s best success stories. (Punch)

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