Zep Re acquires stake in ACRE Africa towards expansion of agricultural insurance
Milliam Murigi @millymur1
Kenya domiciled reinsurer Zep Re, or PTA Reinsurance Company, has acquired 56 per cent equity stake in agri insurance service provider ACRE Africa to pave way for a significant expansion of agricultural insurance for African smallholder farmers.
Speaking during the signing ceremony, George Kuria CEO ACRE Africa said that the company will be riding on the huge network that Zep Re has to reach as many farmers as possible.
Zep Re will be a key strategic partner to advance ACRE’s mission and vision to democratise agricultural micro insurance.
“This acquisition is a milestone in the history of ACRE Africa and in our quest to build a dynamic and sustainable smallholder agricultural insurance sector.
We greatly look forward to seeing ACRE Africa flourish with the support and guidance of Zep Re,” said George.
Alhaj Kaddunabbi Ibrahim Lubega, Chairman of the East African Insurance Supervisors Association and CEO of the Insurance Regulatory Authority of Uganda, who was the guest of honour during the signing ceremony said that the initiative will go a long way in enabling provision and access to affordable agricultural insurance.
Hope Murera, CEO Zep-Re said her company decided to acquire the biggest stake in ACRE Africa because the insurer is doing everything in line with their founding mandate, that is to develop insurance and reinsurance across Sub-Saharan Africa.
“More than 70 per cent of the population depends on agriculture for its livelihood. However agricultural insurance, is rarely available and where it exists, insurance covers a very small segment of farmers.
Smallholder farmers face numerous risks, especially related to changes in climate and that is why we need to ensure that those farmers are cushioned from different kinds of losses.
Olga Speckhardt, Syngenta Foundation for Sustainable Agriculture (SFSA) Head of Global Insurance Solutions and ACRE Africa board member said the additional resources for ACRE Africa will help enhance climate risk insurance solutions to address climate change and access to credit gaps, and hence increase farmers’ resilience and growth in the agriculture sector.
ACRE Africa is an innovative end-to-end insure-tech company, pioneering agri-insurance to smallholder farmers in Sub-Saharan Africa.
They collaborate with local insurance and re-insurance providers who underwrite insurance risk and leverage partnerships with existing value chain players to distribute products.
Its main current shareholders are SFSA, the Adolf H Lundin Charitable Foundation and the Grameen Crédit Agricole Foundation (Grameen).
Milliam Murigi @millymur1
Kenya domiciled reinsurer Zep Re, or PTA Reinsurance Company, has acquired 56 per cent equity stake in agri insurance service provider ACRE Africa to pave way for a significant expansion of agricultural insurance for African smallholder farmers.
Speaking during the signing ceremony, George Kuria CEO ACRE Africa said that the company will be riding on the huge network that Zep Re has to reach as many farmers as possible.
Zep Re will be a key strategic partner to advance ACRE’s mission and vision to democratise agricultural micro insurance.
“This acquisition is a milestone in the history of ACRE Africa and in our quest to build a dynamic and sustainable smallholder agricultural insurance sector.
We greatly look forward to seeing ACRE Africa flourish with the support and guidance of Zep Re,” said George.
Alhaj Kaddunabbi Ibrahim Lubega, Chairman of the East African Insurance Supervisors Association and CEO of the Insurance Regulatory Authority of Uganda, who was the guest of honour during the signing ceremony said that the initiative will go a long way in enabling provision and access to affordable agricultural insurance.
Hope Murera, CEO Zep-Re said her company decided to acquire the biggest stake in ACRE Africa because the insurer is doing everything in line with their founding mandate, that is to develop insurance and reinsurance across Sub-Saharan Africa.
“More than 70 per cent of the population depends on agriculture for its livelihood. However agricultural insurance, is rarely available and where it exists, insurance covers a very small segment of farmers.
Smallholder farmers face numerous risks, especially related to changes in climate and that is why we need to ensure that those farmers are cushioned from different kinds of losses.
Olga Speckhardt, Syngenta Foundation for Sustainable Agriculture (SFSA) Head of Global Insurance Solutions and ACRE Africa board member said the additional resources for ACRE Africa will help enhance climate risk insurance solutions to address climate change and access to credit gaps, and hence increase farmers’ resilience and growth in the agriculture sector.
ACRE Africa is an innovative end-to-end insure-tech company, pioneering agri-insurance to smallholder farmers in Sub-Saharan Africa.
They collaborate with local insurance and re-insurance providers who underwrite insurance risk and leverage partnerships with existing value chain players to distribute products.
Its main current shareholders are SFSA, the Adolf H Lundin Charitable Foundation and the Grameen Crédit Agricole Foundation (Grameen).
