Ethio-Re Set to Relocate as New Chair Takes Over

Jun 29 , 2025

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.