Fairfax invests $61m in Africa Re

Fairfax Financial, the financial services company acquiring Brit, has invested $61 million in African reinsurer Africa Re.

Fairfax now has just over a 7 percent stake in the reinsurer and a seat on the board.

The new strategic partnership with Fairfax, after the recent entry of AXA in February 2015, has added $122 million of capital to Africa Re.

Corneille Karekezi, Africa Re group managing director and chief executive officer, said: “We will work together to strengthen our positions in the reinsurance market with regard to product development, underwriting expertise, human capacity development, actuarial services, enterprise risk management, corporate governance, claims management and investment.”

On the partnership with Fairfax, Karekezi said that it is “a great development for Africa Re, demonstrating the maturity of the company, its commitment and ability to strategically position itself in the fast changing and competitive landscape of the international reinsurance industry.”