One Re targets 37 African countries
One Re, a newly formed reinsurer focused on Africa, is targeting clients across 37 African countries.
The reinsurer is the first traditional start-up reinsurance company to be approved under the UK’s new regulatory regime that came into effect in April 2013.
The founders, Andrew and Robert Lewis, have invested an initial $50 million in cash as start-up capital to fund the London-based reinsurance company.
Andrew Lewis, the co-founder and chief executive officer, said: “One Re is committed to leveraging its fifteen-year track record of in-country experience in Africa, technical expertise and success in the African insurance market to support Africa’s growth.
“There is undoubtedly a return in global risk appetite. Sub-Saharan African markets have benefitted from renewed investor interest, which has provided an increase in demand for insurance and reinsurance in Africa.”
According to the latest forecasts by the IMF, Africa’s sub-Saharan region will continue to be the second fastest-growing region in the world in 2015 with growth forecast to be 5.75 percent.
“The three key factors needed to support the growth of Africa’s reinsurance markets are (1) specialist knowledge and technical expertise of risks in Africa, (2) in-country training, skills development and knowledge transfer and (3) an increase in the retention of risks and premiums in Africa,” said Lewis.
He added that training and up-scaling local insurance knowledge and skills in African markets will be a priority for One Re.
The reinsurer plans to invest in establishing insurance training institutions and programmes, specifically tailored for local African markets.
“One Re is solely focused on Africa, our success is dependent on the success of the entire African insurance industry. Our shareholders and majority of the executive management are African and have worked in Africa for over two decades; we are confident in the African continent and the sector’s growth,” he added.