The African Reinsurance Corporation generally known as Africa Re, is a reinsurance company based in Lagos, Nigeria. Africa Re was founded on 24 February 1976 in Yaounde, Cameroon making it Africa’s first Continental Reinsurer. An international Agreement was signed by the Plenipotentiaries of 36 member States of the Organization of African Unity (OAU) and the AfDB with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.
That Agreement, known and referred to as the Agreement Establishing the African Reinsurance Corporation confers on Africa Re its current status as well as the legal authority to operate. As at today, 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.
Young Professionals Programme
Every year, successful candidates for the Young Professionals Programme will undergo a one-year training programme with a “stretch/learning assignment” built in, where they will gain valuable on-the-job experience. They will undergo an intensive 9 months’ on-line training on a specially designed package focusing on Reinsurance, Leadership and Management subjects. The training programme will be run in English and French.
Successful candidates will then be gathered for one week in Lagos or in another city where Africa Re has an office to conclude the training and for the graduation ceremony. During the one week face- to- face training, participants will be divided into teams. Each team will be requested to present a paper of not more than 5 pages on how they expect to influence their respective organizations in the areas of training, knowledge and skills acquisition if they assume positions of authority.
The programme is expected to positively impact participants to:
- Understand the reinsurance industry and their future missions with regard to strong leadership, governance and accountability;
- Develop a constructive approach to competition in the African reinsurance markets by reducing some poor practices and approaches;
- Improve professionalism;
- Develop/improve internal operations processes (client servicing, claims handling, etc.);
- Contribute to market research and segmentation for low income clients, and develop products for the masses in order to increase insurance penetration;
- Contribute to the construction of reliable database of re/insurance market statistics.
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