GL Wand and Reports Wand for Oracle from Excel4apps has been selected for organizational reporting at African Reinsurance Corporation. About Africa Re
Following a recommendation of the African Development Bank (AfDB), the African Reinsurance Corporation (Africa Re) was established in 1976 with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.
Africa Re has 41 member States representing 38.75 % of the capital (end 2010) in addition to the AfDB, which is among the single largest shareholders with 8% of the capital (end 2010). The Agreement also empowers any member State to authorize a national institution, either a bank or an insurance company acting on its behalf, to purchase the shares reserved for the State. In order to allow its cedants to share the Corporation's fortune and participate more closely in its affairs, one-third of Africa Re's capital was opened up in 1992 to insurance companies with a majority indigenous shareholding.
For more information, please visit www.africa-re.com