21 May 2018News

1/1 renewals boost Africa Re growth

African Reinsurance Corporation grew gross written premium by 26.3 percent year on year to $211.1 million in the first quarter of 2018 driven by “successful” January renewals combined with a “slight hardening” in the South African reinsurance market.

Despite the growth in premium, adverse claims experience with several large and catastrophe losses led to an almost break-even underwriting result, the company said.

Volatility and a correction in financial markets made Africa Re’s investment income drop to $3.3 million from $14.0 million in the first quarter of 2017.

“The Corporation continues to show resilience even after the major losses recorded in 2017 and impacting 2018,” said Africa Re CEO Corneille Karekezi. “The performance is in line with our forecast of a positive underwriting result year-end,” Karekezi added.

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More on this story

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6 April 2018   Lloyd's has opened a new office in Casablanca Finance City (CFC) to provide tailored risk solutions in North Africa while appointing Salah El-Kadiri as its general representative.
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16 October 2017   Africa’s $6.8 billion reinsurance market is expected to recover markedly in 2018 with executives bullish about the prospects for their markets, according to annual research report Africa Reinsurance Pulse 2017.
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30 May 2018   Germany-based Allianz Group has signed an agreement to acquire 8 percent in African Reinsurance Corporation (Africa Re) for a total amount of $81 million.