LONDON & JOHANNESBURG & PARIS & LAGOS - Wednesday, November 26th 2014 [ME NewsWire]
(BUSINESS
WIRE)-- One Re, a newly formed non-life reinsurance company established
to focus solely on business emanating from the African continent, has
been approved by UK regulators.
The company is the
first traditional start-up reinsurance company to be approved under the
UK’s new regulatory regime that came into effect in April 2013.
One
Re, having been approved by one of the world’s most stringent
regulatory authorities, is able to provide local African insurance
companies well-capitalised and transparent reinsurance solutions, backed
by credit ratings and the oversight of the UK’s strong regulatory
bodies, the Prudential Regulation Authority (PRA) and the Financial
Conduct Authority (FCA).
The founders have invested an initial USD 50,000,000 in cash as start-up capital to fund the London-based reinsurance company.
The
Co-founder and Chief Executive Officer (CEO) of One Re, Mr Andrew
Lewis, said: “One Re is committed to leveraging its fifteen-year track
record of in-country experience in Africa, technical expertise and
success in the African insurance market to support Africa’s growth.”
Mr
Lewis said global investors’ return to Africa has provided a great
opportunity for local markets in Africa to develop and grow their local
reinsurance sector.
The company is supported by A-rated
international reinsurance companies who provide capacity and protection
to the One Re portfolio.
Lewis said: “There is
undoubtedly a return in global risk appetite. Sub-Saharan African
markets have benefitted from renewed investor interest, which has
provided an increase in demand for insurance and reinsurance in Africa.”
Large
infrastructural projects and developments taking place in Africa today
are driving the demand for reinsurance. According to the latest
forecasts by the IMF, Africa’s sub-Saharan region will continue to be
the second fastest-growing region in the world in 2015 with growth
forecast to be 5.75%.
“The three key factors needed to
support the growth of Africa’s reinsurance markets are (1) specialist
knowledge and technical expertise of risks in Africa, (2) in-country
training, skills development and knowledge transfer and (3) an increase
in the retention of risks and premiums in Africa,” said Mr Lewis.
He said training and up-scaling local insurance knowledge and skills in African markets will be a priority for One Re.
In
response to the challenge, One Re plans to invest in establishing
insurance training institutions and programmes, specifically tailored
for local African markets.
“One Re is solely focused on
Africa, our success is dependent on the success of the entire African
insurance industry. Our shareholders and majority of the executive
management are African and have worked in Africa for over two decades;
we are confident in the African continent and the sector’s growth,” said
Mr Lewis.
About One Re:
One Re is an
African focused professional reinsurance company with vast experience of
working on the African continent. Based in the City of London, the
international financial hub for global insurance and reinsurance, One Re
is regulated by the joint regulatory regime of the Bank of England’s
Prudential Regulation Authority (PRA) and the Financial Conduct
Authority (FCA).
Established by African insurance
professionals, One Re serves the needs of the African insurance market –
bringing together global capacity, African knowledge and local and
international clients.
For more information on One Re: www.onere.com
Contacts
One Re
Ms Claudia Anselmo,
+44 (0) 203 051 7920
canselmo@onere.com
Brand Communications
Ms Lynette Lambert,
+44 (0) 207 638 6856
lynette@brandcommsgroup.com
Permalink: http://www.me-newswire.net/news/12937/en
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