Kenyan insurer joins Africa Re board

NAIROBI, KENYA: African Reinsurance Corporation (Africa Re), the largest Reinsurance Company in Africa has elected Karanja Kabage to its board of directors.  

Kabage, a Kenyan insurer and lawyer was elected to represent Anglophone West Africa (States and Companies) and Eastern and Southern African Companies in the Board of African Reinsurance Corporation. He will represent a constituency of 13 states and several companies, who are shareholders of Africa Re.  

Africa Re was founded in 1976 under the Agreement of Establishment by Member States of the African Union and is headquartered in Lagos, Nigeria. It has 7 regional offices, including one in Kenya and a subsidiary in South Africa.   

The Reinsurance Company was established to reduce the outflow of foreign exchange from the continent by retaining a substantial proportion of reinsurance premium.  

It has both state members and private insurance companies with 41 member states, accounting for 38.75 percent. Over 100 insurance and reinsurance companies account for 32.25 percent. Other shareholders include African Development Bank with an 8 percent stake and four non-African Development Finance Institutions taking the remaining 21 percent. Africa Re gross premium for 2013 was US$680 million.  

Kabage was elected during the 36th Annual Ordinary Meeting of the General Assembly in Cairo, Egypt, and will serve for a period of 3 years. Kabage is the chairman of First Reinsurance Brokers Company Ltd and an Advocate of the High Court of Kenya.  

Kabage has served as the chairman of the Federation of Kenya Employers (FKE), Kenya Private Sector Alliance (KEPSA) and Kenya Business Council (KBC), among other public undertakings.  

The inclusion of companies and non-African Development Finance Institutions to the Board has allowed its expansion. The board has 12 directors who include AfDB, DEG, IFC and other State Parties.