The UK regulators have approved a newly formed non-life reinsurance company, One Re, which has been established to solely support business from the African continent.
Backed by the UK’s regulatory bodies such as Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the new company will provide local African insurance companies well-capitalized and transparent reinsurance solutions.
In order to fund the London-based reinsurance company, the founders have invested an initial sum of $5m to commence the business.
One Re co-founder and CEO 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.
"The three key factors needed to support the growth of Africa’s reinsurance markets are specialist knowledge and technical expertise of risks in Africa, in-country training, skills development and knowledge transfer and an increase in the retention of risks and premiums in Africa."
One Re intends to invest in establishing insurance training institutions and programmes, specifically designed for local African markets, in a bid to improve insurance knowledge and skills.