The 13th General Assembly of the African Insurance Oganisation held in Bujumbura, Burundi on 20th June 1986, resolved to establish the African Oil & Energy Insurance Pool (AOEIP) to achieve the objectives described above.
The Pool started operation on 1st January 1989 and its first financial year extended to 31st December 1990. Since inception, the African Reinsurance Corporation has acted as the Manager of the Pool, providing proven quality leadership through the years. This attestation is evidenced in the growth of the Pool’s premium income from a modest US$0.28 million in its first financial year up to US$20.9 million at the end of financial year 2014.
Wole is the founder and Group Managing Director of Custodian and Allied Plc. Having graduated from the University of Lagos with a B.Sc. in Actuarial Science, Wole at various times worked at the National Insurance Corporation of Nigeria (NICON), Femi Johnson & Company Limited (Insurance Brokers) and Crusader Insurance Plc, from where he left to found Custodian in 1994.
Wole has over 26 years’ experience in Insurance Underwriting/Claims, Marketing and Investment. He serves on the Board of several companies and was on the Presidential Committee that set up the reforms in the Pensions Industry.
Wole is a past Chairman of the Nigerian Insurers Association, former Council member of the West Africa Insurance Institute (WAII), a member of the Council of the West African Insurance Companies Association (WAICA). He is a Fellow of the Chartered Insurance Institute of Nigeria and an Associate of the Chartered Insurance Institute, U.K. He is the first and only African and also a Director of the International Insurance Society (IIS) New York, the elite society of insurance companies worldwide. He is an alumnus of the Harvard Business School.
He is the current President of the Lagos Business School Alumni Association (LBSAA).
He is a Member of the Federal Republic of Nigeria. He is currently serving on the Executive Committee of the African Insurance Organization and is the immediate past Chairman of the Nigerian Insurers Association. He is a product of Mayflower School, Ikenne Ogun State and a graduate of the University of Houston, Texas, USA from where he obtained Bachelor and Master Degrees in Business Administration, specializing in Finance. He started his career in insurance with SCIB & Company Insurance Brokers (then an affiliate of Sedgwicks Insurance Brokers) in 1980 and joined Leadway Assurance Company Limited in 1981. He became the Managing Director and Chief Executive Officer of the company in 1994. He is a Munich Re scholar, being the First West African recipient of the Munich Re Insurance Fellowship at Georgia State University. He has done extensive research on Computerization of Insurance Business. Mr. Oye Hassan-Odukale is on the board of a number of reputable companies. He also served on the Federal Government of Nigeria's Committee for the review of Insurance Laws.
Ms Lamia Ben Mahmoud is a Board Member at Arab Reinsurance and the representative of La Societe Tunisienne de Reassurance at El Amana Takaful as Board. She is the current Chairman of the African Insurance Organization (AIO) and Chairman of the Board and General Manager of La Societe Tunisienne de Reassurance(Tunis Re).
He is the Managing Director/Chief Executive Officer of CICA Re, Togo.
He is the Managing Director/Chief Executive Officer of Chanas Assurances, Cameroun.
Mr. Rajnikant Varia, also known as Rajni, Bsc (Engineering), has been the Managing Director of Zep Re Pta Reinsurance Company since October 2008. Mr. Varia served as the General Manager of Zep Re Pta Reinsurance Company since 2004. He has over 30 years’ experience in reinsurance business. Mr. Varia had served in various positions including as a Consulting Engineer for Kenya Glassworks and Gasston and Barbour, Chief Representative and Resident Engineer for the Munich Re (East Africa) office and member of the Operational Management team at Munich Re. Rajni Varia is a renowned expert in engineering insurance and has facilitated many training sessions in this field. He is currently a visiting lecturer in engineering insurance at the West African Insurance Institute in Gambia. Mr. Varia also holds a directorship position with Tanzania National Reinsurance Corporation Limited (TANRE). He served as a Director of Zep Re Pta Reinsurance Company since October 2008. Mr. Varia holds a Bachelor of Science degree in Engineering from the University of East Africa.
Olaotan Soyinka is an erudite and well-grounded Underwriter with over 20 years cognate experience. He is an Associate of the Chartered Insurance Institute of Nigeria. He is a Graduate of Insurance from University of Lagos and also holds an M.Sc degree in Marketing from the same university. He joined Sovereign Trust Insurance Plc in March 1998. A seasoned Professional who has plied his trade in both Marketing and Technical Divisions of the organization is expected to bring his overwhelming wealth of experience to bear in providing instructive leadership to the company while taking it to the next phase of its growth stage. Soyinka is an alumnus of the Lagos Business School having successfully completed the Senior Management Programme of the Institution. He is also a member of the prestigious Ikoyi Club 1938.
Mr. Adel Ahmed Mousa is the Chairman & Chief Executive officer of MISR Insurance, Egypt. He is the representative of Misr Insurance at Societe Arabe Internationale de Banque as Board Member since December 2013.
Mr. Seba has been the Managing Director/ Chief Executive officer of Central Reinsurance Company Algeria (CCR Algeria) from 2007 till date. Prior to his appointment, he was Director of Insurance at the Ministry of Finance, Algeria between 1999 and 2007 and was Sub-Director of Insurance Supervision between 1995 and 1999.
Mr. Seba holds a Degree in Financial Economics from University of Alger and a Diploma in Finance with specialization in Insurance from IFID, Tunisia.
|Nigeria||ADIC INSURANCE CO. LTD||150,000||1.69|
|Nigeria||ZENITH GENERAL INSURANCE CO. LTD||150,000||1.69|
|Nigeria||UNIVERSAL INSURANCE PLC||200,000||2.26|
|Ethiopia||ETHIOPIAN INSURANCE CORPORATION||50,000||0.56|
|Kenya||P.T.A (ZEP. RE)||250,000||2.82|
|Nigeria||CONTINENTAL REINSURANCE PLC||200,000||2.26|
|Madagascar||ASSURANCE REASSURANCE OMNIBRANCHES (A.R.O)||50,000||0.56|
|Algeria||COMPAGNIE CENTRALE DE REASSURANCE||250,000||2.82|
|Cameroon||CHANAS ASSURANCES S.A||150,000||1.69|
|Egypt||MISR INSURANCE COMPANY||300,000||3.39|
|Nigeria||LEADWAY ASS. CO||250,000||2.82|
|Nigeria||LAW UNION & ROCK||200,000||2.26|
|Nigeria||NICON INSURANCE CORPORATION OF NIG.||250,000||2.82|
|Nigeria||NIGER INS PLC.||250,000||2.82|
|Nigeria||EQUITY INDEMNITY INS. CO.||200,000||2.26|
|Nigeria||GREAT NIGERIA INS.PLC||200,000||2.26|
|Nigeria||PRESTIGE ASSURANCE CO. LTD.||200,000||2.26|
|Nigeria||CRUSADER INSURANCE CO. LTD.||200,000||2.26|
|Nigeria||ALLIANCE & GENERAL INSURANCE CO. LTD||100,000||1.13|
|Nigeria||LINKAGE ASSURANCE CO LTD||200,000||2.26|
|Nigeria||YANKARI INSURANCE CO. LTD.||200,000||2.26|
|Nigeria||INDUSTRIAL & GEN. INS. CO.||200,000||2.26|
|Nigeria||NEM INSURANCE PLC||200,000||2.26|
|Nigeria||SOVEREIGN TRUST INS. PLC||200,000||2.26|
|Nigeria||STANDARD TRUST ASSURANCE PLC||200,000||2.26|
|Nigeria||CUSTODIAN &ALLIED INS. PLC||200,000||2.26|
|Nigeria||MUTUAL BENEFITS ASSURANCE PLC||200,000||2.26|
|Nigeria||CONSOLIDATED HALLMARK INSURANCE CO.LTD.||150,000||1.69|
|Nigeria||INTERNATIONAL ENERGY INSURANCE CO. LTD.||150,000||1.69|
|Nigeria||CORNERSTONE INSURANCE PLC.||200,000||2.34|
|Nigeria||GOLDLINK INSURANCE PLC||150,000||1.69|
|Nigeria||ANCHOR INSURANCE CO. LTD||150,000||1.69|
|Sudan||SHEIKAN INS. & REINS. CO. LTD||50,000||0.56|
|AFRICAN REINSURANCE CORPORATION||350,000||3.95|
|Nigeria||GUINEA INSURANCE PLC||150,000||1.69|
|Sudan||NATIONAL REINSURANCE COMPANY||150,000||1.69|
Membership of the AIO is a prerequisite to membership of the Pool. Other African Insurance companies which qualify for membership of AIO or having majority indigenous shareholding and which write oil and related risks shall also qualify for membership on condition that they offer a share to the Pool.
The minimum subscription for membership is a pledge against company’s capital of US$50,000 and such subscription must not exceed 2% - 4% of paid up capital and free reserves or 1% - 3% of gross premium written.
As at 31st December 2017, the Pool had a membership of 50 African insurance/reinsurance companies with a total subscribed capacity of $8,560,000. Members’ capacity is limited to the subscribed capacity only.
The Pool currently has a capacity of USD90 million.
The General Assembly is the highest organ and is composed of all the Members of the Pool, including the Manager. The Technical Management board elected every three (3) years are responsible for general operational policies. The Manager is elected by the general assembly every five (5) years on recommendation of the Technical Management Board.
The African Reinsurance Corporation is the Manager of the Pool. For information on membership, cession to the pool, technical assistance etc., you may wish to contact us directly