Africa Re targets Latin America
Africa Reinsurance Company, one of the biggest reinsurers in Africa, has been granted a licence to operate in Brazil, a move that potentially opens up the Latin American market for the company in the future.
Africa Re has been granted a licence to operate as an ‘occasional reinsurer’ but it anticipates eventually being registered as an ‘admitted reinsurer’.
A framework for cooperation in reinsurance has also reportedly been drafted between Africa Re and IRB-Brasil Re, the biggest reinsurer in Brazil.
The company made the announcement following its ordinary annual general meeting in June. As well as announcing its intention to target Latin America, the company also said it continues to seek a physical presence in many more African countries.
The reinsurer posted a 2012 turnover of $647 million compared with $631 million in 2011 with a net profit of $92 million for the year compared with $69 million in 2011.
Headquartered in Lagos, Africa Re has six regional offices in Morocco, Kenya, Côte d’Ivoire, Mauritius, Egypt and Nigeria plus two subsidiaries, Africa Re South Africa and African Takaful Reinsurance Company in Egypt.
