The African Reinsurance Corporation (AfricaRe) has announced its membership of the Africa Finance Corporation (AFC).

With this, AfricaRe becomes the first multi-lateral financial institution to invest in AFC.

AfricaRe, owned by 41 African states, approximately 107 insurance/reinsurance companies and non-African strategic investors, is the continents premier reinsurance corporation, operating across 41 African countries.

AfricaRe’s membership of AFC wasofficially sealed at a signing ceremony to be held in Lagos recently.

According to a statement, AfricaRe’s membership of AFC advances the corporation’s growth strategy for its country membership and greater diversification of its shareholding. In recent months, AFC has grown its country membership in Francophone, East and Southern Africa, with the accession in 2017 of Benin, Kenya and Zambia, respectively.

AFC stated that now seeks to consolidate this success by further expanding its shareholder base.

Commenting on the development,President and CEO of AFC, Andrew Alli said: “We welcome African Reinsurance Corporation(Africa Re) as a member and shareholder of AFC.

“As the first multilateral financial institution to become a member of AFC, this is a key milestone for us, as the Corporation seeks to further diversify its shareholding.

“We are therefore pleased to welcome Africa’s premier reinsurance corporation into membership of AFC and look forward to collaborating with AfricaRe to provide innovative solutions to the development and financing of infrastructure assets in Africa.”

Also, the Group Managing Director & Chief Executive Officer of AfricaRe, Corneille Karekezi said: “As a Corporation with both private and public shareholders, we see many synergies with AFC in the pursuit of African continent development agenda as well as business growth.

“Indeed, we have long admired AFC, and the transformative impact it has made across many of the geographies in which we operate, whilst delivering competitive returns. We are therefore delighted to become a part of one of Africa’s best success stories.”