Kenya Reinsurance Corporation

Kenya Reinsurance Corporation Limited commonly referred to as Kenya Re is a reinsurance company based in Nairobi, Kenya.[1]

Kenya Reinsurance Corporation
TypePublic
KN: KNRE
IndustryReinsurance, Insurance
Founded1 January 1971 (1971-01-01)
HeadquartersNairobi, Kenya
Key people
Chiboli Shakaba
Chairman of the Board
Jadiah Mwarania
Managing Director
Revenue KES: 22.1 billion (2019)
KES: 4.2 billion (2019)
Total assets KES: 50.4 billion (2019)
Total equity KES: 31.95 billion (2019)
WebsiteHomepage

Overview

Kenya Re is the oldest reinsurer in Eastern and Central Africa and serves over 265 insurances companies in 62 countries across Africa, the Middle East and Asia with over 50 percent of its revenue being generated from foreign markets.[2] The firm provides reinsurance products to both life and general insurance.[3] Kenya Re is listed on the Nairobi Securities Exchange.

History

Kenya Reinsurance Corporation was established through an Act of Parliament in December 1970. The firm commenced reinsurance business in January 1971.[1] Kenya Re launched its IPO in 2007 leading to the government cutting its stake in the reinsurer.[4]

Ownership

The shares of the stock of Kenya Reinsurance Corporation are traded on the Nairobi Securities Exchange, under the symbol: KNRE.[5] As of 31 December 2014, the shareholding in the group's stock was as depicted in the table below:[6]

Kenya Reinsurance Corporation Stock Ownership
RankName of OwnerPercentage Ownership
1Cabinet Secretary to the National Treasury of Kenya60.00
2Others40.00
Total100.00

Governance

Kenya Re is governed by an eleven-person Board of Directors with Chiboli Shakaba serving as the Chairman of the group and Jadiah Mwarania as the Managing Director.[7]

See also

References
  1. "Kenya Re - Background". Kenya Re. Retrieved 19 December 2015.
  2. "Kenya Re profit 20pc up as it eyes oil". Business Daily Africa. Nation Media Group. 12 August 2015. Retrieved 19 December 2015.
  3. "Kenya Reinsurance Corp Ltd (KNRE.NR)". Reuters. Thomson Reuters. Retrieved 20 December 2015.
  4. "Kenya Re share allocation ends in favour of insurers". 20 August 2007. Retrieved 20 December 2015.
  5. "Listed Companies". NSE. Retrieved 20 December 2015.
  6. Kenya Reinsurance Corporation - 2014 Annual Report. Nairobi. 2014.
  7. "Directors". www.kenyare.co.ke. Retrieved 31 May 2016.


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