2023 w w w .atlas - mag.ne t R E N E W A L D IR EC T O R Y REINSURANCE

Atlas Magazine is publishing the 9th edition of the "Special Reinsurance Directory 2023". This document draws up a ranking of reinsurers operating in various areas, particularly in Africa and the Middle East. The main 2021 indicators relate to turnover, net result, rating, shareholding and management. The "Special Reinsurance Directory 2023" includes 82 information sheets. The ranking is established per zone in descending order of the 2021 turnover. Reinsurance Directory 2023 The editorial team Atlas Magazine

Atlas Magazine | 5 AFRICA Algeria Compagnie Centrale de Réassurance 15 Burkina Faso Globus Re 55 Côte d’Ivoire NCA Re 47 AVENI-RE 50 Egypt Africa Retakaful 49 Ethiopia Ethiopian Reinsurance 52 Gabon SCG-Ré 53 Ghana Ghana Re 37 Mainstream Reinsurance Company 69 Kenya Zep Re (PTA Re) 20 Kenya Re 22 Continental Re Kenya 41 East Africa Re 45 Waica Re Kenya 62 Morocco Société Centrale de Réassurance 17 Namibia NamibRe 42 Nigeria Ghana Re Kenya 67 Africa Re 10 Continental Re 26 Senegal Sen Re 43 Sierra Leone Waica Re 29 South Africa Munich Reinsurance of Africa 12 Hannover Re South Africa 14 General Reinsurance Africa 19 African Reinsurance Corporation (ARCSA) 31 Scor SE- Africa Branch 32 GIC Re South Africa 33 Tanzania Tan Re 35 Tunisia Tunis Re 39 Togo CICA-RE 24 Uganda Uganda Re 58 Zambia Zambia Re 71 Zimbabwe Zep Re 57 ZB Reinsurance Company 60 Tropical Reinsurance Company 61 FBC Re 64 Grand Reinsurance Company 65 Waica Re Zimbabwe 66 Emeritus General Reinsurance 68 First Mutual Reinsurance 70 Emeritus Re Life 73 FBC Re Life 74 Zep Re Life 75 First Mutual Reinsurance (Life & Health) 76

Atlas Magazine | 6 MIDDLE EAST Bahrain Hannover ReTakaful 87 Jordan IGI 79 Kuwait Kuwait Re 83 Lebanon Arab Re 93 Oman Oman Re 91 Saudi Arabia Saudi Re 81 Turkey Milli Reasürans 85 Türk Reasürans 89

V Versicherung AG 134 Hong Kong Taiping Reinsurance 148 Peak Re 150 Italy Generali 136 Japan MS&AD Insurance Group 130 The Toa Reinsurance 146 Spain Mapfre Re 120 South Korea Korean Re 118 Switzerland Swiss Re 98 United Kingdom Lloyd’s 107 United States Berkshire Hathaway 103 Reinsurance Group of America 111 TransRe 124 Liberty Mutual 138 Odyssey Re 142 India GIC Re 126

AFRICA

234 (1) 280 00 74 MAIN INDICATORS IN USD 2020 2021 Turnover 804 774 000 845 346 000 Shareholder’s equity 1 017 106 000 1 000 714 000 Net result 55 709 000 38 823 000 TURNOVER 2021 BY CLASS OF BUSINESS PREMIUMS In % Fire & engineering 317 210 000 37.52% Motor & accident 262 180 000 31.01% Marine & aviation 44 615 000 5.28% Total non life 783 411 000 92.67% Life 61 935 000 7.33% Grand total 845 346 000 100% Oil & energy 159 406 000 18.86% Fire & engineering Motor & accident Oil & energy Marine & aviation Life

Agency Rating Outlook A.M. Best A Stable Standard & Poor’s A- Stable RATING Source: Africa Re REGIONAL STRUCTURES Atlas Magazine | 11 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 Lagos Nigeria Abidjan Côte d’Ivoire Casablanca Morocco Cairo Egypt Nairobi Kenya Ebène Mauritius Addis-Ababa Ethiopia Johannesburg South Africa Kampala Uganda Dubai United Arab Emirates 2020 2021 Net loss ratio 61.79% 58.82% Net management expenses ratio 36.06% 36.00% Net combined ratio 97.85% 94.82% TECHNICAL RATIOS MANAGEMENT Dr. Mohamed Ahmed Maait Chairman of the board Dr. Corneille Karekezi Group managing director, chief executive officer Ken Aghoghovbia Deputy managing director, chief operating officer David Muchai Director, finance and accounts Yvonne PALM Director of risk management and compliance

27 11 242-2200 MAIN INDICATORS IN USD 2020 2021 Turnover 980 120 000 825 601 000 Shareholder’s equity 234 485 000 103 470 000 Net result 26 329 000 -88 432 000 TECHNICAL RATIOS Nomzamo Radebe Chairman of the board Nico Conradie CEO Talitha Latchman Chief financial officer (CFO) Yolanda Skei Chief operations officer (COO) Filipe Nunes Head of life Walter Voigts-von Forster Head of non-life Wendy-Anne Naidoo Head of HR Sipho Mthabela Head of Africa strategy MANAGEMENT

(1) Including share premium Agency Rating Outlook Standard & Poor’s AA- Stable Source: Munich Re & KPMG RATING REGIONAL STRUCTURE Atlas Magazine | 13 Exchange rate as at 31/12/2020: 1 ZAR = 0.06823 USD, as 31/12/2021: 1 ZAR = 0.06267 USD Cape Town South Africa Shareholders In % Munich Re Group 100% Share capital (1) 34 150 000 USD CAPITAL AND SHAREHOLDING

27 11 484 3330/32 MAIN INDICATORS IN USD 2020 2021 Turnover 422 021 000 474 988 000 Shareholder’s equity 147 702 000 104 090 000 Net result 11 913 000 -23 434 000 TECHNICAL RATIOS 2020 2021 Net loss ratio 81% 108% Management expenses ratio 24% 30% Net combined ratio 105% 138% Loss ratio Management expenses ratio Combined ratio 2020 2021 CAPITAL AND SHAREHOLDING Shareholders In % Hannover Re Group 100% Share capital (2) 73 781 000 USD

213 (0) 23 31 40 69 MAIN INDICATORS IN USD 2020 2021 Turnover 242 195 000 285 496 000 Shareholder’s equity 253 883 000 276 164 000 Net result 29 924 000 36 059 000 TURNOVER 2021 BY CLASS OF BUSINESS 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 2020 2021 Net loss ratio 51.79% 50.9% Management expenses ratio 26.29% 24.36% Net combined ratio 78.08% 75.26% TECHNICAL RATIOS Property damage Natural catastrophes Marine Miscellaneous risks Life

Stable RATING Abdallah Benseidi (1) Cairman and chief executive officer Mohamed Rafik Djafri International acceptances manager Ismail Gherbi Manager, industrial risks and engineering Mohamed Khordj Manager of personal lines and miscellaneous risks Bachir Taril Marine manager Adda Ghlamllah Chief information officer Sid Ahmed Rachedi Finance & accounting manager Makhlouf Latrous General administration manager Ahmed Sid Head of actuarial & risk management Sabrina Hameg Head of strategy, development & communication unit Nawel Ladraa Head of internal audit and compliance unit MANAGEMENT Exchange rate as at 31/12/2021: 1 USD = 138.8301 DZD Shareholders In % Ministry of Finance 100% Share capital 180 076 000 USD (1) Abdallah Benseidi, former CCR's Deputy General Manager was appointed CEO of the company in July 2022. He took over from Hadj Mohamed Seba, named Chief Executive Officer of the Compagnie Algérienne d'Assurance et de Réassurance (CAAR)

212 522 46 04 60 2020 2021 Turnover 295 730 000 281 770 000 Shareholder’s equity 290 930 000 287 050 000 Net result 35 680 000 33 460 000 CAPITAL AND SHAREHOLDING TURNOVER 2021 BY CLASS OF BUSINESS Fire Motor Marine Engineering Miscellaneous risks Life

Stable Fitch Ratings AAA (local rating) Stable Abidjan Côte d’Ivoire Kigali Rwanda Cairo Egypt Johannesburg South Africa (1) Source AM Best (2) Vincent Grailhon no longer on duty in 2021 RATING 2020 2021 (1) Net loss ratio 56.32% 46.30% Management expenses ratio 34.77% 42.10% Net combined ratio 91.09% 88.40% TECHNICAL RATIOS

27 21 412 7782 2020 2021 Turnover 254 864 000 261 729 000 Shareholder’s equity 149 951 000 81 621 000 Net result -11 299 000 -111 102 000 MAIN INDICATORS IN USD CAPITAL AND SHAREHOLDING Shareholders In % Berkshire Hathaway 100% Share capital (2) 62 921 000 USD 0% 50% 100% 150% 200% Loss ratio Management expenses ratio Combined ratio 2020 2021

254 20 27 38 444 AFRICA Fire & technical risks Third party liability Health Marine Motor Life

Stable GCR AAA Stable Source: Zep-Re (PTA Reinsurance Co.) RATING Atlas Magazine | 21 2020 2021 Net loss ratio 66.14% 56.62% Management expenses ratio 43.77% 47.19% Net combined ratio 109.91% 103.81% 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 Christabel Banda Chairman of the board Hope Murera General manager Jephita Gwatipedza COO Benjamin Kamanga Director strategy & investements Deniese Imoukhuede Chief risk officer MANAGEMENT (1) For the non-life activity only TECHNICAL RATIOS (1)

254 (020) 220 2000/703 083 000 AFRICA Fire Health Engineering Marine Motor Other risks Life

(National business) Stable GCR B (International business) Stable Source: Kenya Re RATING REGIONAL STRUCTURES Atlas Magazine | 23 MANAGEMENT 2020 2021 Net non life loss ratio 64.36% 63.11% Management expenses ratio 39.92% 34.7% Net non life combined ratio 104.28% 97.81% Abidjan Côte d’Ivoire Lusaka Zambia Kampala Uganda TECHNICAL RATIOS

228) 22 23 62 62 /65 /69 Fax : 22 61 35 94/95 AFRICA Property damage Motor Marine Miscellaneous risks Life

(International business) Stable Olivier Mebiame Assame Chairman of the board Diarassouba Karim General manager Saba Abdias Deputy general manager REGIONAL STRUCTURES Atlas Magazine | 25 MANAGEMENT 2020 2021 Gross loss ratio 47.23% 46.43% Management expenses ratio 31.61% 32.73% Gross combined ratio 78.84% 79.16% RATING Douala Cameroon Abidjan Côte d’Ivoire Nairobi Kenya Tunis Tunisia TECHNICAL RATIOS

234 7080671600 AFRICA Fire Accident Engineering Marine Third party liability Energy Agricultural risks Life

Stable RATING Source: Continental Re Atlas Magazine | 27 MANAGEMENT Ajibola Ogunshola Chairman of the board Lawrence Nazare Group managing director Jane Mberia Group chief financial officer Cassim Hansa Group Head, underwriting & claims Ogadi Onwuaduegbo Regional director, English-speaking West Africa Souvik Banerjea Managing director, Continental Reinsurance Kenya Francis Nzwili Managing director, Continental Reinsurance Botswana Oumar Ba Managing director, Continental Reinsurance Côte d’Ivoire Dorsaf Sassi Regional director, Tunisia REGIONAL STRUCTURES 2020 2021 Net loss ratio 52.26% 51.90% Management expenses ratio 45.85% 41.23% Net combined ratio 98.11% 93.13% Douala Cameroon Abidjan Côte d’Ivoire Nairobi Kenya Tunis Tunisia Gaborone Botswana Exchange rate as at 31/12/2020 : 1 NGN = 0.00261 USD , as 31/12/2020 : 1 NGN = 0.00243 USD TECHNICAL RATIOS

232 22 226083 (1) Including engineering (2) As at 31/12/2020 AFRICA Property Casualty Oil & gas Marine and aviation Motor Life

(International business) Stable A.M. Best B Fair RATING 2020 2021 Net loss ratio 39% 48% Management expenses ratio 48% 41% Net combined ratio 87% 89% 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 Accra Ghana Lagos Nigeria Abidjan Côte d’Ivoire Nairobi Kenya Tunis Tunisia Harare Zimbabwe TECHNICAL RATIOS

27 11 484 1001 Shareholders In % Africa Re Lagos 100% Share capital 5 032 000 USD CAPITAL AND SHAREHOLDING 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 AFRICA

27 11 507 3939 SCOR SE 100% 0% 40% 80% 120% 160% Loss ratio Management expenses ratio Combined ratio 2020 2021 AFRICA

27 11 8770760 CAPITAL AND SHAREHOLDING Shareholders In % GIC Re India 100% Share capital 78 768 000 USD AFRICA Property damage Motor Third party liability Marine Engineering Miscellaneous risks Accident & health

(International) Stable Standard & Poor’s zaAAA (National) Stable Source: GIC Re /KPMG Exchange rate as at 31/03/2021: 1 ZAR = 0.06701 USD; as 31/03/2020: 1 ZAR = 0.06897 USD Jonathan Bagg Chairman of the board Sandip Karmarkar General manager and CEO Sanjeev Shankar Chief operating officer Chandan Verma Chief underwriting officer Nilesh Kasture Chief finance officer Ajinkya Tamhane Chief risk officer RATING MANAGEMENT Atlas Magazine | 34 31/03/2021 31/03/2022 Net loss ratio 33.36% 54.94% Net management expenses ratio 119.07% 92.34% Net combined ratio 152.43% 147.28% 0% 20% 40% 60% 80% 100% 120% 140% Loss ratio Management expenses ratio Combined ratio 31/03/2021 31/03/2022 TECHNICAL RATIOS

255 (22) 2922344 AFRICA Fire Marine Accident Motor Engineering Health Life

Atlas Magazine | 36 Wilson Ndesanjo Chairman of the board Rajab.S. Kakusa Chief executive officer Ernest Koroso Chief finance & administration officer Alex Ndossy Chief operating officer Seth Wilson Head of internal audit, risk and compliance Agency Rating GCR A (National business) GCR B- (International business) Outlook Stable Negative Exchange rate as at 31/12/2020 : 1 TZS = 0.00043 USD ; 31/12/2021 : 1 TZS = 0.00043 USD RATING MANAGEMENT Source: Tan Re 2020 2021 Net loss ratio 49.31% 52.25% Net management expenses ratio 34.80% 34.85% Net combined ratio 84.11% 87.10% 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 TECHNICAL RATIOS

233 030 2633711 AFRICA CAPITAL AND SHAREHOLDING Shareholders In % State of Ghana 100% Share capital (1) 21 251 000 USD Fire Marine Motor Aviation Other risks Life

Exchange rate as at 31/31/12/2020 : 1 GHS = 0.17001 USD ; 31/12/2021 : 1 GHS = 0.16181 USD Atlas Magazine | 38 Georges Otoo Chairman of the board George Y. Mensah Managing director Monica Amissah Deputy managing director, technical Joseph Adom Deputy managing director, finance & administration 2020 2021 Net loss ratio 46.22% NA Net management expenses ratio 45.42% NA Net combined ratio 91.64% NA Agency Rating Outlook A.M. Best B Stable RATING MANAGEMENT 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 REGIONAL STRUCTURES Nairobi Kenya Douala Cameroon Casablanca Morocco Source: Ghana Re NA: Not available TECHNICAL RATIOS

216 71 904 930 AFRICA Fire Marine Miscellaneous accident Technical risks Life

Atlas Magazine | 40 Agency Rating Outlook A.M. Best B Stable Fitch Ratings AA (tun) Stable Slah Kanoun Chairman of the board Lamia Ben Mahmoud General manager Mustapha Kotrane Chief production division Mourad El Aroui Facultative acceptances manager Nadhim Cherif Takaful manager Monia Ben Said Treaties acceptances manager Tunisia Ridha Herteli Retrocession manager RATING MANAGEMENT 2020 2021 Net loss ratio 59.4% 59.6% Management expenses ratio 37.5% 32.9% Net combined ratio 96.9% 92.5% 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 Source: Tunis Re Exchange rate as at 31/12/2020: 1 TND = 0.36898 USD, as 31/12/2021: 1 TND= 0.34703 USD TECHNICAL RATIOS

254 2429391/2/3, 020-5137701 AFRICA CAPITAL AND SHAREHOLDING Shareholders In % Continental Re Group 100% Share capital 13 170 000 USD 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 Fire Health Engineering Marine Motor Miscellaneous risks Life

264 61 256 904 AFRICA 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 CAPITAL AND SHAREHOLDING Shareholders In % State of Namibia 100% Share capital 1 340 000 USD

(221) 33 822 80 89 AFRICA Property damage Motor Marine Miscellaneous risks Life

Source: Sen Re Atlas Magazine | 44 Adama Ndiaye General manager Cheikh Ahmet Tidiane Diaw Central manager Dalila Ben Hadj Hamida Regional manager, MENA zone (Tunis office) Abdoulaye Boly Dioum IT manager Ibrahima Ndiaye Manager, finance and accounting Ibrahima Ndoye Underwriting manager Oumar Sarr Chairman of the board 2020 2021 Gross loss ratio 56% 43% Management expenses ratio 24% 31% Gross combined ratio 80% 74% 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 Tunis Tunisia REGIONAL STRUCTURE TECHNICAL RATIOS MANAGEMENT

(254 20) 4084 000 / 4443588 / 4455385 AFRICA Fire Health Motor Engineering Marine and aviation Liability Miscellaneous risks Life

Atlas Magazine | 46 Agency Rating Outlook A.M. Best B Stable GCR AA- (National business) Stable GCR B (International business) Stable 2020 2021 Net loss ratio 58.68% 61.03% Net management expenses ratio 43.48% 37.66% Net combined ratio 102.16% 98.69% A.K. Wainaina Chairman of the board Peter K. Maina Chief executive officer Purity Mumbe Chief finance officer Calisto Ogaye Head of technical business 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 Exchange rate as at 31/12/2020 : 1 KES = 0.00910 USD ; 31/12/2021 : 1 KES = 0.00878 USD Sources: East Africa Re & Insurance Regulatory Authority (IRA) RATING TECHNICAL RATIOS MANAGEMENT

225 20 21 90 73 AFRICA Property damage Marine Motor Miscellaneous risks Life

Source: NCA Re Atlas Magazine | 48 2020 2021 Gross loss ratio 38.18% 19.73% Management expenses ratio 43.73% 43.57% Gross combined ratio 81.91% 63.3% 0% 20% 40% 60% 80% 100% Loss ratio Management expenses ratio Combined ratio 2020 2021 Agency Rating Outlook GCR BBB- - Keita Ibrahim Moriba Chairman of the board Nazaire Abbey Blekou Administrator, general manager Ouattara Fati Gnakoua Manager, finance and accounting Bukola Ademola Amos Manger, marketing and development Tah Jean-Jacques Technical manager Koffi Pacome Manager, risks, accounts and claims Exchange rate : 1 USD = 550 XOF RATING TECHNICAL RATIOS MANAGEMENT

20 222 685 667 AFRICA CAPITAL AND SHAREHOLDING Shareholders In % Africa Re Lagos 100% Share capital 30 000 000 USD

(225) 20 21 90 15 AFRICA 2020 2021 Net loss ratio 25.11% 29.4% Net management expenses ratio 68.05% 47.16% Net combined ratio 93.16% 76.56% TECHNICAL RATIOS Motor Property damage Marine Miscellaneous risks Life