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Ethio-Re Appoints United CEO as Chairperson

Apr 16 , 2022

Ethiopian Reinsurance (Ethio-Re) has appointed MeseretBezabih, chief executive officer (CEO) of United Insurance, as its board chairperson. NetsanetLemessa, CEO of the state-owned Ethiopian Insurance Corporation, will serve as vice chairperson. Meseret replaces Hailemariam Assefa, who had served the firm as board chairperson since 2019. Ethio-Re was incorporated in 2016 as the country's first reinsurance firm. It has recorded large profits for the past three years. In 2020/21, the firm netted nearly 195 million Br, up 30 million Br from its previous performance. Its gross written premiums rose by over a quarter to 1.14 billion Br last year. Claims paid and provided for fell slightly to 334.5 million Br.

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ARCANE MARKERS

Hamere Berhan' at the old post office prints books using ancient paper made from animal skin called 'Birana'.  It is part of the Ethiopian Orthodox Tewahdo Church which has had scribes for close to two millennia. The shortage of paper is evident with close to 10 companies operating in the paper conversion industry and a single paper mill in the country. Local players have seen their market share drop over the years and are looking to regain it. ...

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GREEN SHIFT

A palm tree is moved to a new location for replanting around Meskel square. The global effort to battle man-made climate change has gained steam over the last few years. African countries have shifted gears in trying to unlock climate financing from the global north. With debt-to-GDP ratios averaging around 62pc continent-wide, many countries are utilizing the climate narrative to get debt structuring. This was one of the appeals of the Prime Minister of Ethiopia when he addressed the AU summit...

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STRUCTURAL MAKEOVER

The area around Ambassador, famous for its souvenir shops, is getting demolished for real estate development. The Addis Abeba City Administration has ramped up efforts to remodel the city's architecture over the last few months. The capital was established by Emperor Menelik 137 years ago. He also introduced the first telephone, car, hotel, and hospital to the country. A construction project headed by the mega projects office to commemorate his victory over the Italians at Adwa is 70pc complete...

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