Africa Re at 50 signals maturity of African reinsurance market
The African Reinsurance Corporation has celebrated the 50th anniversary of its founding. Established in Yaounde, Cameroon on 24 February 1976 by 36 member states of what is now the African Union, together with the African Development Bank, Africa Re was created to retain reinsurance premiums on the continent and reduce dependence on foreign markets.
From an initial authorised capital of US$15 million, the corporation has grown into a US$1.40 billion equity institution, ranked among the top 40 global reinsurance groups and holding full ‘A’ financial strength ratings with stable outlooks from both AM Best and S&P Global, the highest-rated African reinsurer operating without shareholder guarantees or callable capital.
Celebrating with a gala event in Abuja, and held under the theme “Reinsurance Excellence, Securing the Future”, the gathering brought together heads of regulatory authorities, representatives of government ministries, departments and agencies, shareholders, development finance institutions and industry leaders from across the continent and beyond.
The celebrations also featured the inauguration of Africa Re’s new corporate headquarters in Abuja, a major institutional milestone that reflects the corporation’s long-term vision, growth and commitment to Africa’s future.
Taiwo Oyedele, honourable minister of finance and coordinating minister of the Economy of the Federal Republic of Nigeria, representing President Bola Ahmed Tinubu, underlined the broader significance of the milestone for the continent.
“The creation of Africa Re was much more than the establishment of another financial institution. It was a declaration of confidence in Africa’s ability to provide African solutions to African challenges,” he said. “Today, 50 years later, that vision stands fully vindicated.”
“Fifty years is not merely a measure of time. It is a testament to resilience, vision, and enduring commitment,” said Moustapha Coulibaly, chairman of the board of directors of Africa Re.
“With continued discipline, unity, and confidence in our collective capabilities, the next chapter of Africa Re will be even more impactful than the last.”
The programme featured three sessions addressing the priorities shaping the continent’s risk landscape: charting a path through Africa’s financial fragmentation, rethinking insurance regulation to unlock growth and defining the industry envisioned under Agenda 2063.
As part of the celebrations, Africa Re officially commissioned its new corporate headquarters in Abuja, Nigeria, marking a major institutional milestone in the Corporation’s 50-year journey. The new headquarters reaffirms Africa Re’s long-term confidence in Africa’s future, in Nigeria as its host country, and in the continued growth and strength of African institutions.
The inauguration ceremony, held on 24 June 2026 as part of Africa Re’s 50th anniversary commemorations, brought together senior government officials, ambassadors, representatives of international organisations, shareholders, board members, business leaders and partners from across Africa and beyond.
Speaking at the commissioning ceremony, Coulibaly said the project fulfilled a promise made to shareholders and member states and reflected the corporation’s determination to provide a befitting headquarters for a Pan-African institution built through decades of sacrifice, resilience and vision.
He noted that while Africa Re began operations in a modest apartment in Accra in 1977, it has since grown into a billion-dollar reinsurer and a globally credible African institution, now standing in a headquarters that reflects both its journey and its future ambitions.
“This 11-storey building was conceived as more than a workplace. It is an “espace de vie,” a vibrant living environment designed to promote wellbeing, collaboration, productivity, and community,” he said.
Minister Oyedele described the new headquarters as both a major investment and a symbol of what African institutions can achieve when guided by conviction, continuity and belief in African capacity. He stated that beyond its architectural significance, the story of Africa Re is a reminder of “the potential in us as Africans.”
He praised the corporation for its contributions to Nigeria’s economic development through financial resource mobilisation, job creation, capacity building and corporate social responsibility initiatives. And he stated, “Africa Re is the typical example of an African home-grown champion. Our duty as leaders is to ensure that we maintain the momentum in the fight for African economic liberation and pass the baton on to the next generation.”
Dr. Corneille Karekezi, group managing director and CEO of Africa Re, emphasised that the new headquarters is not simply an architectural achievement, but a strategic asset designed to support the corporation’s next phase of growth and impact across the continent.
He noted that the building’s design, location and environmental performance reflect Africa Re’s ambition to remain at the forefront of African reinsurance while deepening its contribution to financial stability, market development and economic transformation in Africa.
“Today, we are not merely inaugurating a building, we are bringing to life a vision. We are celebrating the foresight of our founders, the dedication of generations of staff and leaders, and the confidence that our shareholders and partners have placed in this institution over the years,” said Karekezi.
- To read more about the 50th anniversary celebrations, click here.
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