Africa Re allocates 2% of Profits to the Social Responsibility Fund

The African Reinsurance Corporation (Africa Re)’s General Assembly approved in its latest meeting held Thursday, June 19th, the allocation of 2% of the corporation’s profits to support the social responsibility fund.

Egypt hosted on Thursday the 36th Annual Ordinary Meeting of Africa Re’s General Assembly.

The corporation used to hold its Annual General Assembly Meeting in a member country and the opening ceremonies of these meetings usually presides by the countries presidents or governors as a kind of support to this regional project and to crown her role in the growth of Africa.

Meanwhile, Africa Re’s Board Chairman Hassan Boubrik said, on the sidelines of the 36th Annual Ordinary Meeting, the corporation’s board of directors has endorsed a plan to establish a new fund by the end of 2014. At a capitalisation of $100 million, Boubrik revealed that the new fund aims to support the insurance industry in Africa.

Furthermore, he noted that Africa Re will choose the company to manage the $100 million fund within the few coming months.