This agreement, known as the African Reinsurance Corporation Agreement, gives Africa Re its current status and legal authority to act. In 2017, Africa Re has 41 Member States representing 33.59 per cent of the capital in addition to the AfDB, which is one of the largest individual shares with 8.17% of the capital, 111 African insurance and reinsurance companies with 32.85 per cent of the stake and non-regional investors with 22.91 per cent of equity. In addition, it was decided in 2001 to increase the group`s capital to $100 million and to open it up to non-African investors in order to have the necessary strategic partners. As a result, four (4) non-African development finance agencies (IFDs) have subscribed and paid a total of 21% of The capital of Africa Re (end of 2010), bringing the number of AAA-rated shareholders to five (5) and representing 29% of the company`s shareholding. The four DfIs that were shareholders of Africa Re until 2016 are: A good number of companies are subscribed and paid for shares that have been awarded to them. To date, more than 100 insurance and reinsurance companies are shareholders of Africa Re for a total of 32.85% (2017). Africa Re has unveiled its new corporate logo, which is a world-class group, ready to take on the challenges ahead. IFC (International Finance Corporation, a branch of the World Bank), DEG (Deutsche Investitions- und Entwicklungsgesellschaft, member of the KfW banking group), FMO (Entrepreneurial Development Bank of the Netherlands), PROPARCO (French Financial Development Corporation, member of the French Development Agency Group). In accordance with the decision to allow non-African companies and DFIs to participate in the Corporation`s capital, it was decided to expand the board of directors to allow representatives of insurance and reinsurance companies and DFIs to fill the majority of the company`s headquarters. On the recommendation of the African Development Bank (AfDB), the African Reinsurance Corporation (Africa Re) was founded on 24 February 1976 in Yaounde, Cameroon.
An international agreement has been signed by the plenipotentiaries of 36 member states of the Organization of African Unity (OAU) and afDB to reduce foreign exchange outflows from the continent by maintaining a significant share of the reinsurance premiums obtained there. In accordance with the decision to allow non-African companies and DFIs to participate in the Corporation`s capital, it was decided to expand the board of directors to allow representatives of insurance and reinsurance companies and DFIs to fill the majority of the company`s headquarters. In 2010, Africa Re launched the 4th capital increase to increase its paid-up capital to $300 million by the end of 2012 and its shareholders to $600 million.