One Re Ltd., a nonlife Africa-focused reinsurer has been approved by U.K. regulators to do business in the United Kingdom, the company said Wednesday.
Based in London, One Re is solely focused on Africa, and most of the executive management are African and have worked in Africa's insurance industry for over two decades, One Re CEO and co-founder Andrew Lewis said in a statement. The company is backed by an initial investment of $50 million from the co-founders.
"There is undoubtedly a return in global risk appetite. Sub-Saharan African markets have benefitted from renewed investor interest, which has provided an increase in demand for insurance and reinsurance in Africa," Mr. Lewis, said in the statement.
Training and building local insurance knowledge and skills in African markets will be a priority for One Re, Mr. Lewis said.
Source: Business Insurance
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