Summary of Proposed Investment
Project Number
23743
Company Name
AFRICAN REINSURANCE CORPORATION
Date SPI Disclosed
Nov 11, 2004
Country
Africa Region
Industry
Financial Markets
Projected Board Date
Dec 16, 2004
Status
Completed
Sector
Reinsurance
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Feb 8, 2005
Signed : Feb 16, 2005
Invested : Mar 3, 2005
Project Description
The proposed project intends to strengthen and expand the operational capacity of the African Reinsurance Corporation (Africa Re or the company), the only African-based, pan-African reinsurance company. The project presents an excellent opportunity for IFC to support both the development of the leading locally based reinsurance provider in Africa and provide critical support to the growth of a healthy primary insurance market across the continent.
The purpose of Africa Re, as defined in Article 3 of the Establishment Agreement is “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 and to support African economic development”.
To implement its purpose the Africa Re carries out the following functions:
- transacts reinsurance business through treaty and facultative cessions,
- creates and administers pools,
- assists in the establishment of national, regional and sub-regional insurance and reinsurance institutions,
- invests its funds in African countries in a manner that promotes the continent’s development,
- provides technical assistance to African countries, and
- promotes contacts and business co-operation among insurance and reinsurance institutions.
The purpose of Africa Re, as defined in Article 3 of the Establishment Agreement is “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 and to support African economic development”.
To implement its purpose the Africa Re carries out the following functions:
- transacts reinsurance business through treaty and facultative cessions,
- creates and administers pools,
- assists in the establishment of national, regional and sub-regional insurance and reinsurance institutions,
- invests its funds in African countries in a manner that promotes the continent’s development,
- provides technical assistance to African countries, and
- promotes contacts and business co-operation among insurance and reinsurance institutions.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
awellsteed@ifc.org
Alexander Wellsteed, Investment Officer
International Finance Corporation
Alexander Wellsteed, Investment Officer
International Finance Corporation