DOCSLIB.ORG

Africa Re Annual Report & Accounts 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Africa Re Annual Report & Accounts 2019 Annual Report & Accounts 2019 Contents • Established in1976 • 41 African Member States ANNUAL REPORT & ACCOUNTS 2019 1 Annual Report & Accounts 2019 Annual Report & Accounts 2019 Contents Contents About Us The Corporation is the best rated pan-African reinsurer. The African Reinsurance Corporation (Africa Re) was established as a pan-African • A.M. Best Company: A (Excellent / Stable Outlook) since 2016 (A – since 2002) intergovernmental reinsurance group on 24 February 1976 by 36 member States of the • Standard & Poor’s: A – (Strong / Stable Outlook) since 2009. Organization of African Unity (now African Union) and the African Development Bank Group (AfDB). Africa Re manages the following continental and national Insurance Pools: Mission • AAIP: African Aviation Insurance Pool, which started in 1983 is promoted by the African • To foster the development of the insurance and reinsurance industry in Africa; Insurance Organization (AIO) for aviation business. • To promote the growth of national, regional and sub-regional underwriting and retention • AOEIP: African Oil & Energy Insurance Pool, which started in 1989 is promoted by the African capacities; Insurance Organization (AIO) for oil & energy business. • To support African economic development. • EAIPN: Energy & Allied Insurance Pool of Nigeria, which started in 2014 is promoted by the Nigerian Insurers Association (NIA) for oil & energy business. Value Proposition We also contribute to the wellbeing of our societies through the Africa Re Foundation registered • We deploy our strengths and leverage our proximities for endless possibilities and client in Mauritius. Up to two percent (2%) of our annual Net Profit is committed to Corporate Social protection. Responsibility (CSR) activities. The areas of focus of the Africa Re Foundation are: • We Offer financial protection through reinsurance covers to life and non-life insurers in Africa • Insurance education; and other selected markets in the Middle East, Asia and South America. • Industry development; • Disaster relief; Diversified Shareholding • Technology development; • Community development; and • 41 African States – 34.50%; • Risk prevention, awareness & research. • 114 Insurance and Reinsurance Companies – 34.00%; • African Development Bank – 8.40%; • Fairfax Financial Holdings – 7.35%; Recent Recognition & Awards in 2019 • AXA Africa Holdings – 7.35%; • Allianz SE – 8.40%. Name of Award Year Institution Inclusion in the Top 40 Global Reinsurance Group 1 2019 Standard and Poor’s by Standard and Poor’s in 2019 With a gross written premium of US$ 844.786 million in 2019, Africa Re is the leading and 2012 Best Regional Retakaful Company (7 times since largest pan-African reinsurer in Africa and the Middle East (by net reinsurance written premium). 2 to The International Retakaful Summit 2012) by the International Retakaful Summit 2019 Africa Re is ranked 37th by S&P in the Top 40 Global Reinsurance Groups by net reinsurance Outstanding Insurance Development Promoter National Association of Insurance and 3 2019 premiums written in 2018 and ranked 42nd by AM Best in the Top 50 World’s Largest in Nigeria Pension Correspondents (NAIPCO) Reinsurance Groups by unaffiliated gross premium written in 2018. 4 Inclusion in the Top 50 Global Reinsurance Group 2017 AM Best Our portfolio is about 95% Property & Casualty with the remainder covering Life & Health. Our Global M & A Awards (Acquisition 5 Reinsurance Firm of the Year in Africa 2015 risk solutions are categorized into Fire & Engineering, Accident & Motor, Oil & Energy, Marine & International) in London , UK Aviation, Life & Health and Miscellaneous. Award for Excellence in Case Management 6 2015 BPM & WfMC, in Arlington, Virginia, USA The Corporation is led and managed by Africans and has 254 employees from 27 African (Information Technologies) nationalities. Capital Finance International, 7 Best Reinsurance Company in Africa 2014 United Kingdom Africa Re operates from 7 business locations serving Africa, parts of the Middle East, Asia and Latin America. The network of offices comprises: 8 Best Reinsurance Organization in Africa 2012 African Insurance Organization (AIO) • Subsidiaries (2): Africa Re (South Africa) Ltd. & Africa Retakaful Company (Egypt) • Regional Offices (6): Nigeria, Morocco, Côte d’Ivoire, Egypt, Mauritius & Kenya • Contact Offices (1): Ethiopia • Underwriting Representative Offices (1): Uganda 2 3 Annual Report & Accounts 2019 Annual Report & Accounts 2019 Contents Contents Financial highlights In US$ ‘000 2019 2018 2017 2016 2015 Results Written Premium 844,786 797,415 746,829 642,024 689,291 TABLE OF CONTENTS Retained Premium 681,647 681,334 625,650 556,995 593,473 3 LETTER TO THE GENERAL ASSEMBLY 37 Enterprise Risk Management (ERM) Earned Premium (Net) 673,340 673,554 606,896 567,532 590,821 Net Profit 99,904 31,269 87,982 100,202 103,645 4 BOARD OF DIRECTORS 40 Corporate Governance Financial position 10 EXECUTIVE MANAGEMENT 44 Compliance Shareholders’ Equity 975,198 917,047 902,039 812,311 780,071 11 CENTRAL DIRECTORS 45 Corporate Social Responsibility Total Assets 1,770,980 1,648,066 1,628,545 1,447,299 1,374,464 14 REGIONAL DIRECTORS 46 Human Resources and Compensation 17 CHAIRMAN’S STATEMENT 49 MANAGEMENT RESPONSIBILITY Results 2015 - 2019 Financial position 2015 - 2019 20 MANAGEMENT REPORT 50 INDEPENDENT AUDITOR REPORT (in million US$) (in million US$) 20 Economic and Trade Environment 55 FINANCIAL STATEMENTS 1,771 1000 1800 25 Technical Operations 56 Consolidated Statement 1,648 1,629 845 26 Premium Income of Financial Position 1,447 797 1500 1,374 800 747 27 Legal (compulsory) Cessions 56 Consolidated Statement of Profit or 689 682 681 Loss and Other Comprehensive Income 642 28 Geographical Distribution 626 1200 593 57 Consolidated Statement of 600 557 975 29 Sectoral Distribution 917 902 Changes in Equity 900 812 30 Technical Expenses 780 58 Consolidated Statement of Cash Flows 400 59 Notes to the Financial Statements 600 31 Investment Income 102 Appendix: Consolidated Statement of 200 31 Portfolio Performance 300 Profit or Loss by Class of Business 104 100 100 88 32 Asset Composition 31 0 0 32 Long Term Investments 33 Equities 2019 2018 2017 2016 2015 2019 2018 2017 2016 2015 33 Bonds and other Fixed Income Written premium Shareholders’ funds 34 Cash & Cash Instruments Retained premium Total assets 34 Other Operating Income Net profit 34 Results of the 2019 Financial Year 35 Appropriation of Results Ratings Proposed dividend per share 35 Capital Management 36 Financial Strength & Capital Adequacy A.M. Best A.M.Best A (Excellent/Stable Outlook) US$8.8 Standard S&P 2018 Dividend: US$ 8.0 & Poor’s A- (Strong/Stable Outlook) 4 1 Annual Report & Accounts 2019 Annual Report & Accounts 2019 African Reinsurance Corporation General Assembly June 2020 Honourable Representatives, In accordance with the provisions of Articles 14 and 37 of the Agreement Establishing the African Reinsurance Corporation and Article 8 of the General Regulations of the Corporation, I have the honour, on behalf of the Board of Directors, to submit to you the Annual Report and Audited Accounts of the Corporation for the period 1 January to 31 December 2019. Please accept, Honourable Representatives, the assurance of my highest consideration. African Reinsurance Corporation Annual Report & Financial Statements HASSAN BOUBRIK 31 December 2019 Chairman of the Board of Directors and General Assembly 2 3 Annual Report & Accounts 2019 Annual Report & Accounts 2019 Board of Directors Board of Directors BOARD OF DIRECTORS Mr Hassan BOUBRIK Mr Kamel MARAMI Chairman Director Chairman of the Nomination and Governance Committee Member of the Nomination and Governance Committee Member of the Human Resources and Remuneration Committee Nationality: Mr BOUBRIK is currently the Chairman of the Supervisory Moroccan Authority of Insurance and Social Security in Morocco. He Nationality: Mr MARAMI is currently the Director of Insurance and holds degrees in Finance and Actuarial Science and is in Algerian member of the Insurance Supervisory Commission, Constituency: charge of insurance supervision. Ministry of Finance, Algeria. Morocco: state and companies Constituency: He previously served as Chief Executive Officer of a major Algeria: state and 4 companies He is a professional insurer and holds degrees in Current Term ends in: finance conglomerate in Morocco and has held many Economics and Finance. Mr MARAMI equally has a 2020 board positions. Current Term ends in: Postgraduate degree in insurance. 2021 Mr Aguinaldo JAIME Vice Chairman Chairman of the Human Resources and Remuneration Committee Member of the Nomination and Governance Committee Mr Jean CLOUTIER Nationality: Mr JAIME has occupied the following positions in Angola: Director Angolan President of the Angolan insurance regulatory authority Chairman of the Underwriting, Risk Management and Information (ARSEG), Deputy Prime Minister, Governor of the Central Technology Governance Committee Constituency: Bank, Minister of Finance, President of the Angolan States of East and Southern Agency for Private Investment (ANIP), First President Nationality: He is the current Chairman of Fairfax International, Africa and Sudan of the Angolan Investment Bank – Banco Angolano de Canadian Executive Committee Member of Fairfax Financial Investimento (BAI), Director of the Foreign Investment Current Term ends in: Holdings Limited and Vice President of International Board (FIB), and Director of Planning, Studies and Constituency: 2020 Operations. Mr
Load more

Recommended publications
  • Le Re the African Reinsurer
    June 2020 Volume 034 Volume 2020 June The African Reinsurer - June 2020 -June2020 Reinsurer The African NEWS FROM THE REGIONS THE FROM NEWS LE REASSUREUR AFRICAIN PUBLICATION DE LA SOCIETE AFRICAINE DE REASSURANCE MARKET PRESENTATION MARKET MANAGEMENT & FINANCE & MANAGEMENT INSURANCE & REINSURANCE & INSURANCE EDITORIAL EDITORIAL ASSURANCE ET REASSURANCE GESTION ET FINANCE PRESENTATION DE MARCHE A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION REINSURANCE AFRICAN THE OF PUBLICATION A THE AFRICAN REINSURER AFRICAN THE NOUVELLES DES REGIONS assureur Africain - Juin 2020 assureur Africain é Le R Juin 2020 Volume 034 THE AFRICAN REINSURER African Reinsurance Corporation Société Africaine de Réassurance A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION African Reinsurance Corporation Société Africaine de Réassurance Headquarters/Siège: Plot 1679, Karimu Kotun St., Victoria Island, P.M.B. 12765, Lagos, NIGERIA Tel: (234-1) 4616820-8, 2800924-5 Telefax: (234-1)2800074 E-mail: [email protected] - Web site: http://www.africa-re.com - Your Reinsurer - Votre Réassureur - An ally within your reach - Un Interlocuteur de proximité - A Partner you can trust - Un Partenaire de confiance - A Strong Security with A Rating - Un Réassureur fiable (A.M. Best) and A- (S & P)) Noté A (A.M. Best) et A- (S & P) - An African professional that - Un Professionnel africain à vos côtés stands by you Regional Offices Casablanca Nairobi Abidjan Lagos 33 Boulevard Moulay Youssef, Africa Re Centre, Hospital Road, Rue Mgr René Kouassi A45 - Cocody Plot 1679, Karimu Kotun St., B.P. 7556 Upper Hill, Nairobi. Ambassades Victoria Island, Casablanca, Maroc P.O. Box 62328 - 00200, Nairobi 20 B.P 1623 Abidjan 20 Côte d’Ivoire P.M.B.
    [Show full text]
  • Fairfax 2016 Annual Report
    30JAN201416052574 2016 Annual Report Contents Fairfax Corporate Performance ............. 1 Corporate Profile ...................... 2 Chairman’s Letter to Shareholders .......... 4 Management’s Responsibility for the Financial Statements and Management’s Report on Internal Control over Financial Reporting . 28 Independent Auditor’s Report to the Shareholders ........................ 29 Fairfax Consolidated Financial Statements ..... 32 Notes to Consolidated Financial Statements . 39 Management’s Discussion and Analysis of Financial Condition and Results of Operations 115 Appendix – Fairfax Guiding Principles ........ 187 Corporate Information .................. 188 30JAN201416052574 2016 Annual Report Fairfax Corporate Performance (in US$ millions, except as otherwise indicated)(1) Book Common Earnings value Closing Net share- Shares (loss) per share earnings Total Invest- Net holders’ out- per share price(1) Revenue (loss) assets ments debt equity standing share As at and for the years ended December 31(2) 1985 1.52 3.25(3) 12.2 (0.6) 30.4 23.9 – 7.6 5.0 (1.35) 1986 4.25 12.75 38.9 4.7 93.4 68.8 3.7 29.7 7.0 0.98 1987 6.30 12.37 86.9 12.3 139.8 93.5 4.9 46.0 7.3 1.72 1988 8.26 15.00 112.0 12.1 200.6 111.7 27.3 60.3 7.3 1.63 1989 10.50 18.75 108.6 14.4 209.5 113.1 21.9 76.7 7.3 1.87 1990 14.84 11.00 167.0 18.2 461.9 289.3 83.3 81.6 5.5 2.42 1991 18.38 21.25 217.4 19.6 447.0 295.3 58.0 101.1 5.5 3.34 1992 18.55 25.00 237.0 8.3 464.6 311.7 69.4 113.1 6.1 1.44 1993 26.39 61.25 266.7 25.8 906.6 641.1 118.7 211.1 8.0 4.19 1994 31.06 67.00
    [Show full text]
  • Africa Re Annual Report & Accounts 2020
    Annual Report & Accounts 2020 Contents • Established in1976 • 41 African Member States ANNUAL REPORT & ACCOUNTS 2020 1 Annual Report & Accounts 2020 Contents About Us The African Reinsurance Corporation (Africa Re) was established by a multilateral Agreement as a pan-African intergovernmental reinsurance group on 24 February 1976 by 36 member States of the Organization of African Unity (now African Union) and the African Development Bank Group (AfDB). Mission • 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; • To support African economic development. Value Proposition • We deploy our strengths and leverage our proximities for endless possibilities and client protection. • • We offer financial protection through reinsurance covers to life and non-life insurers in Africa and other selected markets in the Middle East, Asia and South America. Diversified Shareholding • 41 African States – 34.50%; • 114 Insurance and Reinsurance Companies – 34.00%; • African Development Bank – 8.40%; • Fairfax Financial Holdings – 7.35%; • AXA Africa Holdings – 7.35%; • Allianz SE – 8.40%. With a gross written premium of US$ 804.774 million in 2020, Africa Re is the leading and largest pan-African reinsurer in Africa and the Middle East (by net reinsurance written premium). Africa Re is ranked 36th by S&P in the Top 40 Global Reinsurance Groups by net reinsurance premiums written in 2019 and ranked 41st by AM Best in the Top 50 World’s Largest Reinsurance Groups by unaffiliated gross premium written in 2019. Our portfolio is about 95% Property & Casualty with the remainder covering Life & Health.
    [Show full text]
  • 2019 Annual Report GUIDING PRINCIPLES for FAIRFAX FINANCIAL HOLDINGS LIMITED
    2019 Annual Report GUIDING PRINCIPLES FOR FAIRFAX FINANCIAL HOLDINGS LIMITED OBJECTIVES: 1) We expect to compound our mark-to-market book value per share over the long term by 15% annually by running Fairfax and its subsidiaries for the long term benefit of customers, employees, shareholders and the communities where we operate – at the expense of short term profits if necessary. 2) Our focus is long term growth in book value per share and not quarterly earnings. We plan to grow through internal means as well as through friendly acquisitions. 3) We always want to be soundly financed. 4) We provide complete disclosure annually to our shareholders. STRUCTURE: 1) Our companies are decentralized and run by the presidents except for performance evaluation, succession planning, acquisitions, financing and investments, which are done by or with Fairfax. Investing will always be conducted based on a long term value-oriented philosophy. Cooperation among companies is encouraged to the benefit of Fairfax in total. 2) Complete and open communication between Fairfax and subsidiaries is an essential requirement at Fairfax. 3) Share ownership and large incentives are encouraged across the Group. 4) Fairfax will always be a very small holding company and not an operating company. VALUES: 1) Honesty and integrity are essential in all our relationships and will never be compromised. 2) We are results oriented – not political. 3) We are team players – no ‘‘egos’’. A confrontational style is not appropriate. We value loyalty – to Fairfax and our colleagues. 4) We are hard working but not at the expense of our families. 5) We always look at opportunities but emphasize downside protection and look for ways to minimize loss of capital.
    [Show full text]
  • Africa Re Annual Report & Accounts 2018
    Annual Report & Accounts 2018 Contents • Established in1976 • 41 African Member States ANNUAL REPORT & ACCOUNTS 2018 1 Annual Report & Accounts 2018 Contents Financial highlights In US$ ‘000 2018 2017 2016 2015 2014 Results Written Premium 797,415 746,829 642,024 689,291 717,525 Retained Premium 681,334 625,651 556,995 593,473 624,387 Earned Premium (Net) 673,554 606,896 567,532 590,820 614,445 Net Profit 31,269 87,982 100,202 103,645 118,504 Financial position Shareholders’ Funds 917,047 902,039 812,311 780,071 736,925 Total Assets 1,644,648 1,628,545 1,447,299 1,374,464 1,403,266 Results 2014 - 2018 Financial position 2014 - 2018 (in million US$) (in million US$) 800 797 1800 747 1,645 1,629 718 689 700 681 642 1500 1,447 626 624 1,403 1,374 600 593 557 1200 500 917 400 900 902 812 780 737 300 600 200 119 104 100 300 100 88 31 0 0 2018 2017 2016 2015 2014 2018 2017 2016 2015 2014 Written premium Shareholders’ funds Retained premium Total assets Net profit Proposed dividend Ratings per share A.M. Best A.M.Best A (Excellent/Stable Outlook) US$8 Standard S&P & Poor’s A- (Strong/Stable Outlook) 2 Annual Report & Accounts 2018 Contents TABLE OF CONTENTS 3 LETTER TO THE GENERAL ASSEMBLY 33 Enterprise Risk Management (ERM) 36 Corporate Governance 4 BOARD OF DIRECTORS 40 Compliance 9 EXECUTIVE MANAGEMENT 41 Corporate Social Responsibility 10 CENTRAL DIRECTORS 42 Human Resources and Compensation 12 REGIONAL DIRECTORS 45 MANAGEMENT RESPONSIBILITY 15 CHAIRMAN’S STATEMENT 46 INDEPENDENT AUDITOR REPORT 18 MANAGEMENT REPORT 49 FINANCIAL STATEMENTS
    [Show full text]
  • Global Reinsurance Segment Review
    Global Reinsurance BEST’S SPECIALOur R Insight,EPORT Your Advantage. Segment Review September 2, 2015 “It is Not Your Father’s Reinsurance Market Anymore” – The New Reality The reinsurance sector has always been a leader in terms of evolution, but over the past few Reinsurance years the pace of change has unquestionably been more rapid. Historically, changes within the risk functioning sector had been cyclical in nature, but now many observers believe the current evolution to be structural. The market is operating in a “new reality” of abundant capacity from traditional like a tradable and alternative sources, low interest rates and thinner reinsurance margins driven by intense asset class competition against shrinking demand for reinsurance cover. seems to be At this year’s annual shareholders’ meeting, Berkshire Hathaway Chairman and CEO Warren Buffett stated “It’s a business whose prospects have turned for the worse and there is not much the end game. we can do about it.” He added that the reinsurance industry in the next ten years “will not be as it has been in the last 30”. Historically, traditional reinsurance protection had been the primary source of capacity for cedents. That is clearly changing as primary companies are retaining more risk and are increasingly utilizing alternative markets for their risk management needs. At the same time, the old playbook of private equity starting a traditional reinsurance company and then exiting via an IPO is becoming less attractive. Investors would rather put capital to work for a relatively short period of time (typically 1 to 3 years) as opposed to creating new companies that require longer-term capital commitments with a less certain exit strategy.
    [Show full text]
  • The African Reinsurer
    Juin 2017 Volume 031 2017 Volume Juin Le R é assureur Africain - Juin 2017 assureur Africain NOUVELLES DES REGIONS DES NOUVELLES PRESENTATION DE MARCHE DE PRESENTATION ASSURANCE ET REASSURANCE ET ASSURANCE EDITORIAL THE AFRICAN REINSURER A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION PUBLICATION DE LA SOCIETE AFRICAINE DE REASSURANCE DE AFRICAINE SOCIETE LA DE PUBLICATION LE REASSUREUR AFRICAIN REASSUREUR LE EDITORIAL INSURANCE & REINSURANCE MARKET PRESENTATION NEWS FROM THE REGIONS The African Reinsurer - June 2017 Reinsurer The African June 2017 Volume 031 THE AFRICAN REINSURER African Reinsurance Corporation Société Africaine de Réassurance A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION African Reinsurance Corporation Société Africaine de Réassurance Headquarters/Siège: Plot 1679, Karimu Kotun St., Victoria Island, P.M.B. 12765, Lagos, NIGERIA Tel: (234-1) 4616820-8, 2800924-5 Telefax: (234-1)2800074 E-mail: [email protected] - Web site: http://www.africa-re.com - Your Reinsurer - Votre Réassureur - An ally within your reach - Un Interlocuteur de proximité - A Partner you can trust - Un Partenaire de confiance - A Strong Security With A- Rating - Un réassureur fiable (S & P and A.M. Best) Noté A- (S & P et A.M. Best) - An African professional that - Un Professionnel africain à vos côtés stands by you Regional Offices Casablanca Nairobi Abidjan West Africa Regional Office 33 Boulevard Moulay Youssef, Africa Re Centre, Hospital Road, Rue Viviane A24 - Cocody Plot 1679, Karimu Kotun St., B.P. 7556 Upper Hill, Nairobi. Ambassades Victoria Island, Casablanca, Maroc P.O. Box 62328 - 00200, Nairobi 20 B.P 1623 Abidjan 20. P.M.B. 12765 Tel: (212) 22 43 77 00 - 5 Tel: (254-20) 297-0000 Tel : (225) 22404480 / 75 Lagos - NIGERIA Fax: (212) 22 43 77 29 -30 Fax: (254-20) 297-0666, 297-0777 Fax: (225) 22404482 Tel: (234-1) 461 6820, 28 000 78 E.mail: [email protected] E.mail: [email protected] E.mail: [email protected] Fax: (234-1) 28 000 74 E.mail: [email protected] Cairo Mauritius 7, Elkhalily Str.
    [Show full text]
  • 20 Annual Report 20
    2020 Annual Report GUIDING PRINCIPLES FOR FAIRFAX FINANCIAL HOLDINGS LIMITED OBJECTIVES: 1) We expect to compound our mark-to-market book value per share over the long term by 15% annually by running Fairfax and its subsidiaries for the long term benefit of customers, employees, shareholders and the communities where we operate – at the expense of short term profits if necessary. 2) Our focus is long term growth in book value per share and not quarterly earnings. We plan to grow through internal means as well as through friendly acquisitions. 3) We always want to be soundly financed. 4) We provide complete disclosure annually to our shareholders. STRUCTURE: 1) Our companies are decentralized and run by the presidents except for performance evaluation, succession planning, acquisitions, financing and investments, which are done by or with Fairfax. Investing will always be conducted based on a long term value-oriented philosophy. Cooperation among companies is encouraged to the benefit of Fairfax in total. 2) Complete and open communication between Fairfax and subsidiaries is an essential requirement at Fairfax. 3) Share ownership and large incentives are encouraged across the Group. 4) Fairfax will always be a very small holding company and not an operating company. VALUES: 1) Honesty and integrity are essential in all our relationships and will never be compromised. 2) We are results oriented – not political. 3) We are team players – no ‘‘egos’’. A confrontational style is not appropriate. We value loyalty – to Fairfax and our colleagues. 4) We are hard working but not at the expense of our families. 5) We always look at opportunities but emphasize downside protection and look for ways to minimize loss of capital.
    [Show full text]
  • The African Reinsurer
    THE AFRICAN REINSURER A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION Headquarters/Siège: Plot 1679, Karimu Kotun St., Victoria Island, P.M.B. 12765, Lagos, NIGERIA Tel: (234-1) 2663323, 2626660-2, 618820 Telefax: (234-1) 2663282/2626664 E.mail: [email protected] - Web site: http://www.africa-re.com - Your Reinsurer - Votre Réassureur - An ally within your reach - Un Interlocuteur de Proximité - A Partner You can trust - Un Partenaire de confiance - A Strong Security - Une Sécurité renforcée with (S & P) BBB+ and A.M. Best A- Rating avec les cotes BBB+de S & P et A- de A.M. Best A- - An African Professional that stands by - Un Professionnel Africain à vos côtés you Regional Offices Bureaux Regionaux Nairobi Abidjan Casablanca Africa Re Centre, Hospital Road, Rue, Viviane A24 - Cocody Tour Atlas, Place Zallaqa Upper Hill, Nairobi. 20 BP 1623 Abidjan 20. BP 7556, Casablanca, Maroc P.O. Box 62328, Nairobi Tel : (225) 22404480 - 22404481 Tel: (212) 22 317174, 22 30 61 54 Tel: (254 -2) 2730608, 2730624 Fax : (225) 22404482. Fax: (212) 22 30 79 64 Fax:2724896 E.mail: [email protected] Tlx 28079 M E.mail: [email protected] E.mail: [email protected] Subsidiary Filiale Mauritius Cairo African Reinsurance Corp. (South One Cathedral Square, 12 Khan Younus Africa) Ltd Mezannine level, off Shehab Street rd 3 Floor (Noth Wing) Pope Henessy Street Mohandeseen, Geiza - Oakhurst Building 11-13, Andrew’s Port Louis Tel: (202 )3456611 3034880, Road, Parktown 2193, Houghton Mauritius Fax: (202)303480 2041, Johannesburg Tel: (230) 210-0795,
    [Show full text]
  • The African Reinsurer
    THE AFRICAN REINSURER A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION Volume 022, June 2008 The African Reinsurer AFRICAN REINSURANCE CORPORATION SOCIETE AFRICAINE DE REASSURANCE Headquarters/Siège: Plot 679, Karimu Kotun St., Victoria Island, P.M.B. 2765, Lagos, NIGERIA Tel: (234-) 2663323, 2626660-2, 68820 Telefax: (234-) 2663282/2626664 E-mail: [email protected] - Web site: http://www.africa-re.com - Your Reinsurer - Votre Réassureur - An ally within your reach - Un Interlocuteur de Proximité - A Partner You can trust - Un partenaire de confiance - A Strong Security - Une Sécurité renforcée with (S & P) BBB+ and A.M. Best A- Ratings avec les cotes BBB+ de S & P et A- de A.M. Best - An African Professional that stands by you - Un Professionnel Africain à vos côtés REGIONAL OFFICES Casablanca Nairobi Abidjan 33 Boulevard Moulay Youssef, Africa Re Centre, Hospital Road, Rue Viviane A24 - Cocody Ambassades Upper Hill, Nairobi. 20 BP 623 Abidjan 20. P. O. Box 7556 P.O. Box 62328 - 00200, Nairobi Tel : (225) 224 - 2240448 Casablanca, Morocco Tel: (254-20) 2730660 - 3 Fax : (225) 22404482 Tel: (22) 22 43 77 00 Fax: (254-20) 2724896, 2730608 E-mail: [email protected] Fax: (22) 22 43 77 29 E-mail: [email protected] E-mail: [email protected] SUBSIDIARY Mauritius Cairo African Reinsurance Corp. (South Africa) 38c Mansour Street Abdeen Downtown Ltd One Cathedral Square, Postal Code 46 Mezannine level, 2nd Floor (West Wing) Cairo, Egypt Pope Henessy Street Oakhurst Building -3, St Andrews Road, Tel: (20-2) 2792-4020 Port Louis Parktown 293, Houghton 204, Fax: (20-2) 2792-4030 Mauritius Johannesburg E-mail: [email protected] Tel: (230) 20-0795 Tel: (27-) 484-3764/970/606 Fax: (230) 20-2496 Fax: (27-) 484 - 00 E-mail: [email protected] E-mail: [email protected] 2 The African Reinsurer Volume 022, June 2008 CONTENTS 22nd Edition, June 2008 Established in 1987 Page 4 EDITORIAL THE AFRICAN 5 INSURANCE & REINSURANCE REINSURER 5 Takaful Concepts and Practice PUBLISHER By Zainal Abidin Mohd.
    [Show full text]
  • Global Reinsurance BEST’S Specialour R Insight,EPORT Your Advantage
    Global Reinsurance BEST’S SPECIALOur R Insight,EPORT Your Advantage. Segment Review September 5, 2016 Innovation: The Race to Remain Relevant A paradigm “There are two kinds of companies, those that work to try to charge more and those that work to shift is charge less. We will be the second,” Jeff Bezos, founder and CEO of Amazon.com, is quoted as saying. underway as Now, certainly, there is room for both types of companies in any given market, but Amazon.com has reinsurers find changed the market dynamics in the retail sector over its relatively short existence. In reinsurance, capital market capacity is clearly Exhibit 1 their pace in the pressuring the reinsurance sector to Global Market – Combined Ratio Components race to innovate work to charge less. When we start to apply this thinking to the long- Loss Ratio Expense Ratio Loss Reserve Development and mine “Big term landscape of the (re)insurance 120 50 Favorable/(Unfavorable)Loss Reserve Development (%) Data” in an industry, we see a rather prolonged 45 period where further consolidation 100 increasingly 40 will be the result, as every company 31.5 connected can’t successfully compete strictly 35 80 32.2 on price. 31.6 32.6 world. 32.3 33.5 34.2 30 Table of Contents: We have all observed that global 60 25 Remaining Relevant ...........1 reinsurers are dealing with 20 compressed profit margins, with Top 50 Ranking & (%) Ratio Combined 40 77.3 Commentary ......................5 the pressure on reinsurance 15 60.2 63.3 61.3 Rating Outlook ...................9 56.5 56.2 56.2 pricing, terms, and conditions 10 20 Lloyd’s Trends ..................11 fueled by more than ample Convergence/ 5 ILS Market .......................13 capacity in the market and low catastrophe loss activity, in 0 0 Hedge Funds ...................19 2011 2012 2013 2014 2015 1H 5yr Life Reinsurance ..............22 particular, in the United States.
    [Show full text]