East Africa Reinsurance Company was incorporated in 1993 and commenced operations on 1st January of 1995. The company was formed through a joint initiative of local insurance companies in Kenya and the International Finance Corporation (IFC), the private sector arm of the World Bank. The main objective for establishing the company was to serve the reinsurance needs of the local insurance market; and with time grow to other regional and international markets. At the time, the local reinsurance market was dominated by the major international reinsurers, with a few national and inter-governmental reinsurers playing a peripheral role. There was also a need to develop local reinsurance capacity to reduce over-dependence on international markets and preserve foreign currency reserves.
To be the risk partner of choice in our markets.
To provide quality risk solutions, excellent service and enhanced value to all the stakeholders.
Integrity, commitment, partnership, excellence professionalism, innovation.
East Africa Re (EARe) has an authorized and paid up share capital of
KES. 1.3 billion.
The shareholders’ funds as at 31 December 2015 was
KES. 3.01 billion (2014: KES. 2.645 billion), representing a solvency margin of over 100% while total assets were
KES. 7.74 billion (2014: KES. 6.27 billion).
East Africa Re (EARe) is a company that understands the local business and at the same time is international in character with strong rating from Global Credit Rating (GCR) and AM Best. The company transacts all classes of reinsurance business and currently serves over 35 countries in Africa and Asia.
Shareholders' Funds, Total Assets - Combined Business (in Billions)
East Africa Re Location
We are headquartered in an iconic building at 98 Riverside Drive in the tranquil neighborhood of Riverside, Nairobi.
The technical and financial operations of East Africa Re are “on line” on acquired software systems, and the Company is well organised to continue to render efficient services to all its business partners.
The Company has in place a comprehensive training policy to ensure its staff are well trained in all areas.
First- rate Client Service
The Company has an excellent record of prompt settlement of claims, provision of solutions tailored to the needs of individual cedants and expertise in training in reinsurance. The Company offers training to its cedants and clients on an annual basis.
Peter K. Maina is the Chief Executive Officer. He is a seasoned reinsurance professional having worked in the field since 1995. He started his reinsurance career at Munich Re as an Engineering Underwriter, later joined Swiss Re as the Regional Manager for East Africa and was subsequently transferred to work at Swiss Re offices in Johannesburg, South Africa and in Zurich, Switzerland.
Before joining East Africa Re, he was working with the International Finance Corporation (IFC) as a Senior Program Officer in Johannesburg, South Africa. He has an MBA in Finance and Strategy and a BSc in Civil Engineering. He undertook a Leadership Development Programme with Swiss Re,is a CPA(K) and is an Affiliate of the Association of Chartered Certified Accountants. He joined East Africa Re in August 2013 and become the CEO with effect from September 2013
Rachael Gitonga is the Chief Finance Officer. She is a member of the Institute of Certified Public Accountants of Kenya (K). She has a Master of Science in Finance from the University of Nairobi and also holds an Advanced Diploma in Management Accounting with the Chartered Institute of Management Accountants (CIMA).
Rachael was previously a Senior Manager in PricewaterhouseCoopers (PwC) Kenya and had been with PwC for 12 years. She had extensive experience in financial reporting, risk management and performance management having worked in both Kenya and South Africa. She provided audit services to large Insurance and Investment Management companies listed in both the Nairobi Stock Exchange and Johannesburg Stock Exchange. She was also involved in various due diligence and transaction assignments relating to the floatation of securities in the Nairobi Securities Exchange.
Rachael joined East Africa Re as the Chief Finance Officer in November 2015.
Valentine Maithya is the HR and Administration Manager. She has a Bachelor’s degree in Information Science from Moi University and she is a certified HR Consultant by the Institute of Human Resource Management and has over six years experience with over 3 years in Senior HR Management role. She joined the Company in January 2015.
David Kirui is the Manager, Life Department. He has a Master of Science in Mathematics from Kenyatta University and a Postgraduate Diploma in Actuarial Science from the University of Nairobi. He also has a Diploma of the Chartered Insurance Institute of London. He had over fifteen years of experience in reinsurance before joining the Company in February 2009.
David Mitoko is the Manager, Non-Life Department. He has a MBA degree in Insurance from the University of Nairobi and is an Associate of the Chartered Insurance Institute of London (ACII). He had over ten years of underwriting experience before joining the Company in March 2011.
Catherine is the Manager in charge of Risk & Compliance at EARe. She is a member of The Institute of Risk Management (IRM), The Institute of Certified Public Accountants of Kenya (ICPAK) and The Institute of Internal Auditors (IIA).She has an MSC in Finance & Insurance from the University of Nairobi and a Bachelor of Commerce (Accounting) from the same University. She holds certifications in Risk Management, CPA (K), and CIA.
She previously worked as a senior consultant in the EMEIA Financial Services Advisory- Ernst & Young East Africa and Frankfurt, Germany where she was in charge of Enterprise Risk Management, Stress Testing, Back Testing & Scenario Analysis, Development of Risk Appetite Frameworks, Articulation of Key Risk Indicators, Anti-Money Laundering, Internal Audit, Risk Remediation, Internal Controls, Implementation of FATCA, Optimization of Policies & Procedures, Development of Target Operating Models (TOM), and Performance Improvement for leading banks & insurance companies in Europe & Africa. She participates in corporate mentorship associations during her free time. Catherine joined the company in July 2015.
Richard Kogo is the Chief Accountant. He has a Bachelor of Commerce in Accounting from Kenyatta University and is a qualified Certified Public Accountant of Kenya. He worked in the commercial sector before joining the Company in February 2006.
Benard Kipkemoi is the IT Manager. He has a Master of Science in Information Technology Management from University of Nairobi. He is also a Certified Information Security Manager (CISM),Certified in Risk and Information System Control (CRISC), Microsoft Certified Systems Administrator, Microsoft Certified Technology Specialist as well as a Oracle Certified Associate. He joined the Company in October 2004.
Champions of Governance (COG) Award
The Company was awarded the 1st position in the 2012, 2013,2014 and 2016 Champions of Governance (COG) Awards Insurance Category. The Award was sponsored by the Institute of Certified Public Secretaries of Kenya (ICPSK) jointly with other COG partners, including KASNEB and Insurance Regulatory Authority (IRA).
Financial Reporting Award
In 2012, East Africa Re was awarded the 1st runners-up position in the insurance industry category of the Financial Reporting (FiRe) Award for Excellence, jointly sponsored by the Institute of Certified Public Accountants of Kenya (ICPAK), the Capital Markets Authority (CMA) and the Nairobi Securities Exchange (NSE).
East Africa Reinsurance Company Limited recognises that social and environmental responsibilities are an integral part of its overall business practice and has in place a Corporate Social Responsibility (CSR) Charter which guides its CSR activities. The Company is committed to ensuring implementation of the social and environmental responsibility aspects that are relevant to its business. In particular, emphasis is placed on involvement in community developmental activities, care for the environment in which the Company operates and employee welfare.
The Company strives to build capacity for sustainable livelihoods and our efforts are about making a difference; providing our staff with the opportunity to make a contribution to the society. Staff are fully engaged in the Company’s projects and we ensure that the one-off projects are sustainable. During the year the Company continued to dedicate its resources towards supporting several initiatives in the key areas of focus, i.e. quality education, health, food, shelter and environment. In line with its underlying commitment to creating and sustaining stakeholder value, the Board takes overall responsibility for continued development and implementation of appropriate social and environmental policies for the Company.
Support to Society
EARe donating sanitary towels to Lavington Mixed Secondary School, Nairobi. The Company continues to be a committed corporate citizen. In this regard, the Company, through its staff, continues to support worthwhile community programmes and initiatives, particularly those undertaken by deserving charities in the health, social and child welfare sectors. The Company also extends assistance towards expansion of facilities in the provision of quality education.
During the year ended 31 December 2014, the Company contributed towards:
- Sponsorship of education of rehabilitated street and other needy children.
- Provision of education for the girl child.
- Provision of sanitary towels to secondary school girl.
- Sponsorship of needy top candidates to join national/provincial secondary schools in Kenya.
- Activities of secondary and primary schools serving needy children.
- Donations of computers to schools aimed at promoting IT skills in secondary schools in Kenya.
- Graduate and undergraduate internship programmes within the Company.
- Activities organized by professional institutes aimed at promoting professionalism in Kenya.
- Activities organized by associations and organizations in the insurance industry aimed at developing the industry.
- Breast cancer awareness programme.
- Polio eradication initiative.
Protection of Environment
The Company is conscious of the need to protect the environment and, in this regard, supports efforts to promote its conservation. The Company’s premises are environmental friendly exhibiting nature and the Company has continued to preserve trees and other natural vegetation. The Company’s offices have plenty of natural lighting and environmental features.