Swiss Re’s Africa Strategy Results in Name Change

April 17, 2003

The local subsidiaries of global reinsurer Swiss Re announced a change of name of its local reinsurance units. The change reflects Swiss Re’s growing Africa-wide involvement and its strategic aim of becoming the leading reinsurer in Africa.

With immediate effect, Swiss Re Southern Africa (focused on property and casualty reinsurance) will be known as Swiss Re Africa Limited. Its sister company, formerly Swiss Re Life & Health Southern Africa (the ‘life’ company) will be known as Swiss Re Life & Health Africa Limited. Both companies are based in Johannesburg.

Alexander Weissleder, managing director of Swiss Re Africa noted, “The change reflects new realities. Historically, our business was focused on southern and central Africa. Since 2001 we have had growing interests in the reinsurance markets in west and east Africa. It is evident that the focus of our business has widened with the opening of representative offices in Nairobi and Abidjan. In the future, further expansion will occur into other African markets in line with our long-term commitment to the continent.”

The market size of P/C in Africa is estimated to be USD 5.5 billion.

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