Africa Re

completed

The proposed project intends to strengthen and expand the operational capacity of the African Reinsurance Corporation (Africa Re or the company), the only African-based, pan-African reinsurance company. The project presents an excellent opportunity for IFC to support both the development of the leading locally based reinsurance provider in Africa and provide critical support to the growth of a healthy primary insurance market across the continent. The purpose of Africa Re, as defined in Article 3 of the Establishment Agreement is “to foster the development of the insurance and reinsurance industry in Africa, to promote the growth of national, regional and sub-regional underwriting and retention capacities and to support African economic development”.To implement its purpose the Africa Re carries out the following functions: - transacts reinsurance business through treaty and facultative cessions,- creates and administers pools, - assists in the establishment of national, regional and sub-regional insurance and reinsurance institutions,- invests its funds in African countries in a manner that promotes the continent’s development, - provides technical assistance to African countries, and - promotes contacts and business co-operation among insurance and reinsurance institutions.