By Victor Juma
A Nairobi-based businessman, Mr Karanja Kabage, is one of four new directors appointed to the board of Africa Reinsurance Corporation in the wake of expanded shareholding at the institution.
Mr Kabage is the chairman and chief executive of Nairobi-based First Reinsurance Brokers which specialises in offering agency services for reinsurers, firms which help primary insurers to absorb losses.
He was elected a director of the Pan Africa reinsurer alongside Mr Woldemichael Zeru (Eritrean), Hassan Boubrik (Moroccan), and John Burbidge (English) at the annual general meeting in Cairo last month.
The new directors were appointed to represent the interests of companies and non-African development finance institutions such as DEG, ROPARCO and International Finance Corporation (IFC) that bought into Africa Re.
"The inclusion of companies and non-African DFIs allowed the expansion of the board to allow their representation," said Africa Re in a statement.
Their entry saw the institution’s board membership rise to 12 directors. Mr Kabage represents the interests of 13 states and companies in West, eastern and southern Africa that have stakes in Africa Re.
Mr Zeru was nominated by Sudan and other states in East and southern Africa. Mr Boubrik represents the interests of the state of Morocco and its companies.
Mr Burbidge was nominated by IFC. Africa Re is owned by 41 member states, 107 African insurance and reinsurance firms and four DFIs.
The institution made a net profit of Sh7.3 billion on gross premiums of Sh58.2 billion last year. It declared a dividend of Sh391.5 per share for the period.
Africa Re is one of the few reinsurers in Africa seeking to gain market share in a continent that places most of its big-ticket risks —Sh500 million and above — with the Lloyd’s of London.
The multinational was founded in 1976 to reduce the outflow of foreign exchange form the continent by retaining a substantial proportion of reinsurance premium.
Source Business Daily
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