African Reinsurance Corporation (Africa Re) inaugurated its new corporate headquarters in Abuja last month, as part of a two-day series of commemorative events celebrating the 50th anniversary of its founding.
Africa Re said in a statement that the inauguration of the new headquarters building, which took place on 24 June, represented a major institutional milestone that reflects the corporation’s long-term vision, growth and commitment to Africa’s future.
The reinsurer moved its head office to Abuja from Lagos. Abuja is around 780km to the northeast of Lagos. The relocation of the headquarters is in line with requirements that diplomatic missions and international institutions be located in the capital city of the host country.
More than a change of location, the new head office marks the realisation of a strategic vision rooted in Africa Re’s history and in its enduring relationship with Nigeria, a founding member country that has hosted Africa Re since 1978.
Established in Yaounde, Cameroon, on 24 February 1976 by 36 member states of what is now the African Union, together with the African Development Bank, Africa Re was created to retain reinsurance premiums on the continent and reduce dependence on foreign markets. From an initial authorised capital of $15m, the Corporation has grown into a $1.4bn institution, ranked among the top 40 global reinsurance groups and holding full ‘A’ financial strength ratings with ‘Stable’ outlooks from both AM Best and S&P Global Ratings. The statement said that Africa Re is the highest-rated African reinsurer operating without shareholder guarantees or callable capital.
Celebrations
The two-day celebrations, held under the theme “Reinsurance Excellence, Securing the Future”, brought together heads of regulatory authorities, representatives of government ministries, departments and agencies, shareholders, development finance institutions and industry leaders from across the continent and beyond.
Apart from the official commissioning of the building and a gala dinner, celebratory events included the 50th Anniversary Symposium, chaired by Mr Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy of Nigeria, representing President Bola Ahmed Tinubu. Mr Oyedele said, "The creation of Africa Re was much more than the establishment of another financial institution. It was a declaration of confidence in Africa's ability to provide African solutions to African challenges.” He added, "Today, 50 years later, that vision stands fully vindicated.”
Mr Moustapha Coulibaly, Africa Re Chairman, said, “50 years is not merely a measure of time. It is a testament to resilience, vision, and enduring commitment.
"With continued discipline, unity, and confidence in our collective capabilities, the next chapter of Africa Re will be even more impactful than the last."
During the Symposium, Africa Re unveiled its inaugural Sustainability Report, a 50th Anniversary commemorative book, and a special edition of the company’s magazine, The African Reinsurer, further highlighting the depth of the institution’s contribution to the development of African insurance and reinsurance markets.
Africa Re covers its core markets through offices located in key cities: six regional offices (Lagos in Nigeria, Casablanca in Morocco, Abidjan in Cote d’Ivoire, Nairobi in Kenya, Ebene in Mauritius, Cairo in Egypt), four representative offices (Addis Ababa, Khartoum, Kinshasa and Kampala), and four fully owned subsidiaries in Johannesburg (Africa Re South Africa), Cairo (Africa Retakaful Company), Dubai (DIFC Underwriting Management Agency), and recently India (Africa Re Gujarat GIFT City).