The executives of Ethiopian Reinsurance S.C. (Ethio-Re) plan to expand into other markets in East Africa within the coming five years. The company was incorporated in 2016 as the country's first reinsurance firm. Though its performance over the first two years of operation were shaky, Ethio-Re has been consolidating over the past three years. Its paid-up capital surpassed the one billion Birr mark last fiscal year. The company has also been implementing a strategic plan developed by Deloitte since last July, and hopes to use a recent B- international rating it received from GCR Rating, a South African rating agency, to attract business in East Africa.
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