The African Reinsurance Corporation (Africa Re) plans to inaugurate four new regional offices in Africa in the upcoming period, said Omar Gouda, Regional Director of Africa Re for North East Africa and the Middle East.
Africa Re has 10 regional offices in Africa and two other offices in Algeria and Sudan which are currently under construction, he added.
Gouda revealed that Africa Re increased its capital by EGP 100 million through distributing bonus shares and by another EGP 100 million through offering more shares to the public. Accordingly, the company raised capital from EGP 100 million to EGP 300 million and targets to raise its capital to EGP 500 million by the end of 2015.
Africa Re receives a legal cession on all reinsurance treaties from insurance companies operating within its member States. However, this cession accounts for less than 5% of the company’s treaties, he affirmed.