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PRESS RELEASE

26 March 2015

Africa Re FAIRFAX: Another Milestone in Africa Res Search for


Enabling Strategic Partnership
In less than one month, Africa Re has signed two agreements with two leading global
investors. The latest was signed on 25 March 2015 with Fairfax Financial Holdings.
FAIRFAX paid US$ 61 million to become a new shareholder of Africa Re, the leading
African reinsurer. FAIRFAX thus acquires a 7.15% stake and a seat on the Board of
Africa Re.
FAIRFAX, a Toronto based holding and group of insurance and reinsurance companies
with subsidiaries around the globe, is engaged in property and casualty insurance,
reinsurance, and investment management.
The new strategic partnership with FAIRFAX, after the recent entry of AXA in February
2015, has strengthened Africa Re with a US$ 122 million capital. It is also a clear
strategic move intended to achieve strong business partnerships with global industry
players.
Talking about what FAIRFAX will bring to Africa Re, Mr. Corneille Karekezi, Africa Re
Group Managing Director / Chief Executive Officer, stated: We will work together to
strengthen our positions in the reinsurance market with regard to product development,
underwriting expertise, human capacity development, actuarial services, enterprise risk
management, corporate governance, claims management and investment.
Furthermore, commenting on the partnership with FAIRFAX Mr. Corneille Karekezi
stated that it is A great development for Africa Re, demonstrating the maturity of the
company, its commitment and ability to strategically position itself in the fast changing
and competitive landscape of the international reinsurance industry.
The shareholding structure of Africa Re changed over time from a pure multilateral
institution in the 1970s and 1980s to a diversified shareholding comprising 41 African
states (34%), over 100 African insurance and reinsurance companies (33%), the African
Development Bank (8%), IRB-Brasil Re, a leading Brazilian reinsurer (8%), AXA, the
global leading French insurer that joined recently with a 7.15% stake and Proparco, a
branch of the Agence Franaise de Development.

Until recently, development finance institutions (DFIs), namely the International Finance
Corporation (IFC), member of the World Bank Group, DEG (branch of the KfW bank)
and FMO (Dutch development finance organization) constituted the core of the nonAfrican shareholding capped at 25% of the capital of Africa Re. FAIRFAX has acquired
part of the shares put back by those DFIs that invested in Africa Re capital in 2004 and
are exiting in accordance with a put option agreement allowing them to exit after the
elapse of their investment horizon.

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