ONE Re, the first reinsurer approved under Britain’s “twin peaks” system of financial regulation, was seeking clients across 38 African countries in the next year as growth outpaces developed regions.
One Re, started by Johannesburg-born brothers Andrew and Robert Lewis in 2012, already has clients signed up in Mozambique, Angola and Lesotho. Chief executive Andrew Lewis created insurer Global Alliance in 2001 before selling its operations to various buyers including Barclays Africa Group in 2011.
“In sub-Saharan Africa there are 38 countries we have identified and we are going in looking for local insurers that we will insure,” London-based Andrew Lewis said in an interview in Johannesburg yesterday. Lloyd’s of London, Sirius International Insurance Group and Canopius Reinsurance were supporting One Re, he said.
The UK reinsurer, which will partner with just one insurer in each country, was funded by the Lewis brothers who each contributed $25 million (R274m). In five years it would probably seek to raise about $100m, according to Andrew.
Global insurance companies are evaluating markets in Africa where millions of people are earning enough to afford business cover and protection for the first time. Some of the firms are gaining insights into the continent by working with One […]