African Reinsurance Corporation
Yvonne Palm, FCAS, FIA is a highly experienced actuary with a diverse background in the insurance industry. Currently serving as a Board Member at the Casualty Actuarial Society and CRO: Director of Risk Management and Compliance at the African Reinsurance Corporation, Yvonne has held various important roles throughout their career such as Lead Corporate Actuary at Travelers Syndicate Management and Actuary at Markel International. With a Bachelor of Arts in Mathematics and Economics, Yvonne's expertise and dedication have been demonstrated through their work in both corporate and academic settings.
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African Reinsurance Corporation
The African Reinsurance Corporation (Africa Re) is the leading pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums. Africa Re was set up by 36 African states in 1976, following a recommendation of the African Development Bank (AfDB), to develop the insurance and reinsurance industry in Africa through increased underwriting and retention capacities, and to support the economic development of the continent. Ranked 36th in the 2019 Standard & Poor’s Global Reinsurance Groups and 41st in the Top 50 Global Reinsurance Groups by AM Best in 2019, Africa Re has a broad-based shareholding comprising: 42 African member States (34.63%); the African Development Bank (8.38%); 114 African insurance and reinsurance companies (34.94%); and 3 non regional shareholders (23.05%), including leading global insurers and reinsurers from France (AXA), Canada (FAIRFAX) and Germany (ALLIANZ SE). With headquarters in Lagos (Nigeria), Africa Re operates through six (6) Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius). Africa Re equally has one (1) Local Office in Addis Ababa (Ethiopia), one Underwriting Representative Office in Kampala, Uganda and three (3) Subsidiaries (Africa Re South Africa Limited in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and Africa Re Underwriting Agency Limited in Dubai (The United Arab Emirates).. As at December 2020, Africa Re wrote US$804.7 million of premium income and realized a net profit of US$55.7 million. Its shareholders’ funds reached US$1.01 billion while its total assets were US$1.8 billion. The Financial Strength and Credit Rating of Africa Re is A (Stable) by A.M. Best Company (since 2016) and A – (Stable) Standard & Poor’s (since 2009). Up to 2% of Africa Re’s annual net profit is used to finance Corporate Social Responsibility initiatives in member countries,