African market News

African Insurers and Banks Form Alliance to Tackle Biodiversity Crisis

Many of Africa’s biggest banks and insurers have joined forces to tackle the continent’s biodiversity crisis while at the same time working out how to cash in on opportunities arising from it. The African Natural Capital Alliance, launched Wednesday, is …

World’s Biggest Re/Insurers Expanding in Africa, but Climate Change Could Hit Profits

The world’s biggest insurers are expanding in Africa, looking to tap growth promised by a rising population and middle class, but climate change could complicate their quest for profits. With Western markets overcrowded, the continent provides a rare chance to …

Mauritius’ Biggest Insurer Seeks to Expand Market Share in East Africa

Mauritius’s biggest insurer, having won a $10 million investment from France’s Proparco this month, is aiming for a 10% market share in a number of East African markets after outgrowing its Indian Ocean island home. MUA Ltd., which made acquisitions …

Allianz Buys Majority Stake in Jubilee General Insurance Co. of Tanzania

Allianz has acquired a 51% stake in Jubilee General Insurance Co. of Tanzania Ltd. from Jubilee Holdings Ltd. (JHL) and the Aga Khan Fund for Economic Development (AKFED). JHL will retain a 15% stake and six minority shareholders will maintain …

Africa Specialty Risks Increases Energy Portfolio’s Capacity to $38 Million

Africa Specialty Risks (ASR), the pan-African focused reinsurance group, announced its energy division’s capacity increased to $38 million, provided through its ongoing relationship with GIC Re and Peak Re. This follows 12 months of profitable underwriting results for ASR’s energy …

Africa’s Largest Insurer, Samlam, Partners With Allianz on $2.1 Billion Deal

Sanlam Ltd., Africa’s largest insurer, agreed to form a joint venture with Germany’s Allianz SE that will combine their assets on the continent valued at 2 billion euros ($2.1 billion) and help the partnership expand. Sanlam and Allianz will fold …

Insurers Sanlam and Allianz Explore Options for Their African Businesses

JOHANNESBURG – African insurer Sanlam Ltd. said on Wednesday it was exploring “strategic alternatives” with Germany’s Allianz SE for their respective African businesses, excluding Sanlam’s home market of South Africa. Sanlam, South Africa’s No. 1 insurer, did not elaborate on …

Flood Modeler JBA Collaborates With South African Broker, Reinsurance Solutions

JBA Risk Management Ltd. announced its collaboration with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modeling capability to provide flood risk analytics and catastrophe modeling services for its insurance clients across …

People Moves: Africa Specialty Risks Names Bheenick as Mauritius Managing Director; WTW’s Whyte Joins Miller for APAC Expansion

Africa Specialty Risks Names Bheenick Managing Director in Mauritius Africa Specialty Risks (ASR), the pan-African focused reinsurance group, has appointed Krishna Bheenick as its managing director in Mauritius. The company said it is also launching a recruitment drive to attract …

Africa Specialty Risks Secures $10M of PVT Capacity from Atrium at Lloyd’s

Africa Specialty Risks (ASR), the pan-African focused reinsurance managing general agent, announced it has secured an additional $10 million in capacity for its Political Violence and Terrorism (PVT) division from Lloyd’s insurer Atrium Underwriting Ltd. This is in addition to …