Ethio-Re Set to Relocate as New Chair Takes Over

Jun 29 , 2025


[ssba-buttons]

Ethiopian Reinsurance (Ethio-Re) is relocating its headquarters to the newly acquired Black Panther Building, purchased for nearly 100 million Br. Board Chairperson Dagnachew Mehari told Fortune that the long-delayed move is expected to take place next month following renovation work. The relocation follows a major reshuffle at the board level. Dagnachew, CEO of Bunna Insurance, has been appointed chairperson, with Yonas Belay, Chief Growth & Strategy Officer at AGGAR Microfinance, named vice chairperson. Half of the six-member board is new, with Belay Gorfu from Nib Insurance joining as an additional member. Former chairperson Meseret Bezabih, CEO of United Insurance, remains a board member, alongside Zufan Abebe of Nib Insurance and Kelbessa Kera. Ethio-Re has also overhauled its executive team this year, with Netsanet Lemessa appointed CEO. The board has initiated the process for an international credit rating from AM Best, a leading global agency in the insurance sector. The eight-year-old firm reported a 60pc increase in profit after tax in 2023/24, reaching 391 million Br. Revenue climbed to 2.21 billion Br from 1.71 billion Br, while earnings per share rose to 2,176 Br, up from 1,552 Br. Net investment income reached 317.7 million Br, while operating and other expenses grew to 93.7 million Br.


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...