The International Finance Corporation (IFC), a subsidiary of the World Bank, is arranging a guarantee line of up to US$50 million to cover ZEP-RE’s reinsurance credit risk. ZEP-RE is Africa’s leading reinsurer headquartered in Nairobi, Kenya.
Founded in 1990, ZEP-RE provides “inclusive and innovative” re/insurance solutions across the continent to close protection gaps, manage risk and support sustainable growth and enhance Africa’s resilience.
The company reportedly leverages strategic partnerships and technology/digital platforms to provide clients with a full range of reinsurance products and direct microinsurance solutions.
IFC’s guaranteed loan will enable ZEP-RE to expand its reach and improve its performance by underwriting additional, more profitable, higher-quality business.
According to IFC, the facility will be complemented by Advisory Services (AS) to support the rollout and scaling of digitally driven de-risking solutions for smallholder farmers and SMEs across Africa, including women-owned small and medium-sized enterprises (WSMEs).
IFC noted that the most important and expected project-level outcome of its facility is increased farmers’ access to agricultural insurance.
“In addition to project-level outcomes, IFC expects the project will develop Africa’s insurance markets, increase their resilience and help close Africa’s protection gap,” the company added.
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