AFRICAN REINSURANCE CORPORATION (SOUTH AFRICA) LTD
Insurance in Johannesburg

The African Reinsurance Corporation, backed by highly rated retrocessionaires coupled with a distinct shareholding structure made up of 41 African States, 98 African Insurance companies and globally recognized Development Financial Institutions, provides much needed capacity and assistance to the African Insurance sector by means of first class reinsurance protection in the following broad classes of business: Fire/Engineering, Oil & Gas, Motor/Accident, Marine, Aviation and Life. That Agreement, known and referred to as the Agreement Establishing the African Reinsurance Corporation confers on Africa Re its current status as well as the legal authority to operate. In order to allow its cedants to share the Corporation's fortune and participate more closely in its affairs, one-third of Africa Re's capital was opened up in 1992 to insurance companies with a majority indigenous shareholding. To date, more than 100 insurance and reinsurance companies are shareholders of Africa Re with a 32.25 % combined stake (end 2010). IRB-Brasil Re, the leading reinsurance company in Brazil became a shareholder of Africa Re in In the event of a property fire loss of catastrophic proportions, Africa Re is ever ready to support the insurance sector to mitigate its losses. In many African countries, the Motor portfolio is significant and huge losses are known to occur. Also, with industrial growth in the continent, the prominence of the Accident class of business is on the rise. Africa Re's experience over the past 3 decades in reinsuring these classes makes it the leader in most African markets. Exploration & exploitation of Oil and the building of onshore storage facilities are on the rise in the continent. To reduce outflow of premiums abroad, Africa Re provides capacity and the technical support to assist in the development of the local Oil & Gas markets.