Africa Re Eyes New Expansions in Brazil, China

African Reinsurance Corporation (Africa Re) is planning to make overseas expansions in Brazil and China within the coming period, said the Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA) and Board Member in Africa Re Dr. Mohamed Maait on Thursday.

Dr. Maait stated that Africa Re is also targeting upcoming expansions in the African continent through opening up new branches in fresh markets.

Meanwhile, EFSA deputy chairman further said Africa Re is seeking to attain total premiums of US$ 730 million by the end of 2014, compared to estimated US$ 680 million by the end of the current year. This comes as Africa Re managed to collect premiums worth US$ 472.2 million by the end of last September.

Africa Re is determined to achieve high growth rates, Dr. Maait added. The firm had posted total premiums of around US$ 648 million by the end of 2012.

By the virtue of its high credit rating and financial solvency, Dr. Maait said Africa Re has become one the key leaders in terms of providing reinsurance services in the continent.

It is worth mentioning that about 40 African countries are co-founders of Africa Re. Egypt’s representatives in the company are the Egyptian Financial Supervisory Authority (EFSA), Misr Insurance Company, Al Mohandes Insurance Company and Misr Life Insurance Company.