Central Bank Approves Ethio-Re CEO Nomination

April 30 , 2021

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The National Bank of Ethiopia (NBE) approved the appointment of Dawit Gebreamanuel on April 29, 2021, as the president of Ethiopian Reinsurance (Ethio-Re), the first reinsurance company in Ethiopia. Dawit Gebreamanuel has around three decades of experience in the insurance sector. He served as Chief Executive Officer of Nile Insurance and later served in United Insurance as deputy of finances and administration for the past six years.  According to a directive set by the NBE, senior executive officers must have at least eight years of experience in the insurance sector, of which four must be in a managerial position. Dawit is expected to join Ethio-Re in a month's time. Ethio-Re has been on the hunt for a president for almost a year now after the founding CEO, Yewondwossen Itefa, who served at the company for three years, left mid last year. Following the departure of the founding CEO, the board of directors appointed Fikru Tsegaye as acting CEO, effective September 19, 2020. Fikru served as an executive officer of strategic planning and business development at Ethio-Re before his appointment. Ethio-Re, established in 2016, netted a profit of 164.6 million Br over the last fiscal year. Recently, Ethio-Re struck a deal with Al-Huda Centre of Islamic Banking and Economics to develop a Takaful reinsurance product.