ABUJA, Nigeria, June 24 – The African Reinsurance Corporation (Africa Re) has marked its 50th anniversary, highlighting its growth into one of the world’s leading reinsurance companies and its role in strengthening Africa’s insurance industry.
Founded in 1976 by 36 African countries and the African Development Bank, Africa Re was established to keep more reinsurance business within the continent and reduce reliance on foreign markets.
The company has since grown from an initial authorised capital of $15 million to shareholders’ equity of $1.37 billion and is now ranked among the world’s top 40 reinsurance groups.
Speaking during the anniversary celebrations in Abuja, Africa Re Group Managing Director and Chief Executive Officer Corneille Karekezi said the company has built strong financial capacity while supporting the growth of insurance markets across Africa.
“Africa Re today has evolved into a globally respected institution, defined by its financial strength, technical excellence and a deep commitment to the development of African economies,” he said.
The anniversary celebrations brought together finance ministers, insurance regulators, development finance institutions and industry leaders to discuss the future of Africa’s insurance sector, financial integration and regulatory reforms. Africa Re also unveiled its first Sustainability Report as it outlined plans for its next phase of growth.
