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Mar 21 , 2019
Hailemariam Assefa
Hailemariam Assefa, former CEO of Nib Insurance, has been nominated to chair the board of directors of the Ethiopian Reinsurance S.C (Ethio-Re), the lone local re-insurance firm.
The Board of Directors met last Tuesday, March 19, 2019, to agree on his nomination before sending it to the National Bank of Ethiopia (aNBE), for approval.
If approved, Hailemariam, currently the managing director of Habesha Insurance Brokers and known for serving as CEO of Nib from its establishment in 2002 until 2015, will replace Hailemichael Kumsa, the founding chairperson.
During the general assembly of the firm that was held in mid-December of last year, the company re-elected Hailemichael to continue as chairperson and sent the request to the central bank for approval. The central bank rejected the nomination, listing Hailemichael's membership on the board of the African Reinsurance Corporation (Africa Re) as a conflict of interest.
Ethio-Re, which recorded losses in the 2015/16 and 2016/17 fiscal years, registered a profit for the first time in the past fiscal year. It netted a profit of 78.6 million Br, paying out 1,515 Br a share to investors.
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