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Ethio-Re Nominates Nib Exec to Chair Board

Mar 23 , 2019

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The lone re-insurance firm operating in Ethiopia, Ethiopia Reinsurance S.C (Ethio-Re), nominated the founder and former CEO of Nib Insurance as its new board chairperson. The board, during its meeting last Tuesday, nominated Hailemariam Assefa, the current managing director of Habesha Insurance Brokers, and sent the nomination to the National Bank of Ethiopia. If the central bank approves it, he will replace Hailemechael Kumsa, the founding chairperson of the reinsurer. Though the board has re-elected Hailemechael to continue chairing the board last December, the central bank rejected the nomination after citing his membership on the board of the African Reinsurance Corporation (Africa Re) as a conflict of interest. Ethio-Re, which had reported losses in the first two years of establishment, reported a 78.6 million Br net profit in the last fiscal year.

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