The African Reinsurance Corporation (Africa Re), a leading force in the reinsurance sector, concluded a successful visit to Mauritius by hosting its 171st Board Meeting and a celebratory cocktail reception at Westin Turtle Bay, Balaclava.
Strong Partnership Highlighted in Mauritius
The Mauritius location for the Board Meeting, held on Monday, May 6th, 2024, underscores Africa Re's dedication to fostering a strong partnership with the island nation, a founding member state since 1976. Mauritius' integral role within Africa Re was further solidified with the establishment of the Mauritius Regional Office in 1996. This office has become a cornerstone of Africa Re's operations, significantly contributing to the region's economic landscape.
Successful Meeting and Cocktail Reception
The well-attended Board Meeting provided a platform for strategic discussions and collaboration amongst esteemed delegates. The presence of His Excellency Dr. Mohammed Ahmed Maait, Chairman of the Board of Directors of Africa Re and Minister of Finance of Egypt, and Dr. Corneille Karekezi, Group Managing Director - Chief Executive Officer of Africa Re, further emphasized the significance of this gathering.
They shared the following: “We are pleased by the productive discussions and collaborative spirit at our Africa Re Board Meeting. The presence and active participation of our esteemed Board delegates are a testament to the importance of our shared goals. Together, we can navigate the strategic challenges and opportunities that lie ahead for the reinsurance industry across the African continent.”
Following the successful Board Meeting, Dr. Maait hosted a well-received cocktail reception at the Westin Turtle Bay, Balaclava. The event was graced by the presence of Honourable Soomilduth Bholah, Minister of Financial Services and Good Governance and major insurance companies, solidifying the strong partnership between Africa Re and the Mauritian government. The reception fostered valuable connections and collaboration amongst industry leaders and stakeholders, a key driver for the future success of the African reinsurance industry.
In his speech, Dr. Maait outlined the following: “Africa Re has been present in Mauritius since July 1996 with the opening of a Contact Office which was upgraded to a Regional Office in 2003. Since then, this Mauritius Office plays a very key role in Africa Re as it writes business from the African Indian Ocean Islands, Portuguese-speaking African markets, Asia and Brazil. For the 2023 financial year, Africa Re hit and exceeded the1 billion US dollar milestone in top line with a historic bottom line driven by strong underwriting performance and investment income. This achievement would not have been possible without the commitment of its shareholders, and especially the pivotal role played by the Government of Mauritius and ceding companies of the Mauritian market. For the 2023 financial year, the Mauritius Office accounted for 19.5% of the total premium income of Africa Re. In addition to paying claims, Africa Re pays particular attention to the environment in which it operates. Accordingly, the Africa Re Foundation was established and domiciled here in Mauritius to render corporate social responsibility (CSR) services to stakeholders of the African Reinsurance Corporation. Apart from Corporate Social Responsibility, Africa Re is currently developing a strategy in Environment, Social and Governance (ESG) to comply with best practices in the insurance and reinsurance industry.”
In his keynote address, Honourable Soomilduth Bholah, Minister of Financial Services and Good Governance declared: “We are grateful that Africa Re chose Mauritius to host its 171st meeting of the Board of Directors. Since its creation in 1976, Africa Re has played a crucial role in supporting the continent's insurance and reinsurance markets. By offering reinsurance locally, it reduces the need for African insurance companies to cede their risks to reinsurers outside of the continent. Thereby contributing to the retention of financial resources within Africa. The reinsurance sector is an integral part of the global insurance ecosystem, which helps in promoting stability, and facilitating economic growth and resilience. Mauritius has all the right ingredients to become a reinsurance hub for Africa. Mauritius is a safe, sound and trusted jurisdiction, with a robust legal framework and a well-developed ecosystem for financial services, including insurance. Despite being one of the biggest insurance centers in Africa, Mauritius is keen to enhance its reputation as a global financial hub and continue captive expansion in the domicile and recently allowed pure captives to write third party risks. The Financial Services Commission (FSC) is currently in discussion with the World Bank on a new reinsurance framework that will further develop the country’s potential on the international stage. The objective of this framework is to align Mauritius with other sophisticated reinsurance hubs.”
Africa Re's leadership visit to Mauritius reaffirmed its unwavering commitment to advancing the insurance and reinsurance landscape across Africa, with a strong focus on continued partnership and regional support.