Africa Re history

In an effort to address this critical situation, the board of directors decided in 1990 to raise capital to 30 million USD and to put on sale its shares for African and foreign companies.

In order to allow its cedants to share the Corporation's fortune and participate more closely in its affairs, one-third of Africa Re's capital was opened up in 1992 to insurance companies with a majority indigenous shareholding.

Upon setting foot on the South African market, by far the continent’s most developed one, Africa Re took steps to undergo in 1995 the local rating of Fitch IBCA which granted it an A.

In 1997, Africa Re proceeded to the second capital increase, raising the latter from 30 to 50 million USD. The financial resources generated by this move facilitated the company’s expansion.

In 2000, the company built its own headquarters “Africa Re House” in the commercial neighbourhood Victoria Island in Lagos.

Also, in 2001 it was decided that the Corporation's capital be increased to US$ 100 million and opened to non-African investors so as to have the required strategic partners.

Upgraded to a Regional Office in 2003.

In 2004, Africa Re was standing among the first 150 world reinsurers.

In 2009, the same rating agency increased Africa Re’s credit and financial soundness rating from “BBB+” to A- (excellent) with stable outlook.

As a result, four (4) non-African Development Finance Institutions (DFIs) subscribed and paid for a total of 21% of the capital of Africa Re (end 2010), bringing the number of AAA rated shareholders to Five (5) and accounting for 29% of the corporation's shareholding.

In 2011, a local office was set up in Ethiopia, further consolidating the company’s foothold in Eastern Africa and optimizing business opportunities in this strategic region of the world.

IRB-Brasil Re, the leading reinsurance company in Brazil became a shareholder of Africa Re in 2012.

Africa Re’s strategy continued to bear its fruit, with S&P ranking the company in 2013 among the 40 greatest reinsurance companies worldwide and number one reinsurer in Africa and the Middle East by the same token.

And so did A.M. Best, the American rating agency in 2014, in a renewed tribute to the reinsurer’s financial soundness, by raising its outlook from stable to positive while maintaining the financial soundness at A- (excellent).

The Corporation had two new shareholders in 2015 namely, AXA – the leading French and global insurer and FAIRFAX - a Toronto based holding and group of insurance and reinsurance companies with subsidiaries around the globe.

The four DFIs that were shareholders of Africa Re until 2016 are: