ATI records second year of 80 percent growth in 2009 and confirms new CEO
KINSHASA, 19 May, 2010 - Africa's stellar growth rates in 2009 paved the way for increased demand for political and credit risk insurance products. As the continent's only multilateral trade credit and investment insurer, the African Trade Insurance Agency (ATI) has been able to meet some of this demand. ATI announced its record-breaking financial results today. One of the key results reported was an 88 percent increase in the Agency's Gross Written Premium growing from $1.9 in 2008 to $3.6 million in 2009. ATI also posted a record 123 percent increase in the number of policies written in 2009. ATI released the financial results during its Annual General Meeting, held in Kinshasa, the Democratic Republic of Congo (DRC).
Underscoring the record results was an increase in gross exposure, which is the amount of insurance business underwritten. This number increased from $112 million in 2008 to $254 million in 2009. The energy, mining and telecommunications sectors showed the highest demand for ATI's insurance products accounting for $172 million worth of insurance coverage. In terms of country demand, deals underwritten in DRC, Malawi and Zambia amounted to 65 percent of the Agency's total volume of business in 2009.
Another important announcement was the confirmation of ATI's new Chief Executive Officer, George Otieno, the current Regional Director of the African Reinsurance Corporation (Africa Re). Mr. Otieno brings to ATI over 30 years of experience in the insurance industry. Mr. Kinloch, who has steered ATI to a record breaking year, will return to his post as Chief Underwriting Officer once Mr. Otieno assumes office on 1st July.
"Behind these impressive figures are an extremely dedicated group of people. ATI's staff worked tirelessly throughout the year to achieve these figures, against a backdrop of significant challenges," commented ATI's Acting Chief Executive Officer, Stewart Kinloch.
ATI also announced other key achievements, which included:
|The Agency's continued westward expansion. The General Assembly approved Benin and Gabon's membership during the proceedings;|
|The Italian Export Credit Agency, SACE, which joined into membership with a $10 million investment in 2009, was elected to the Board;|
|The African Development Bank received Observer status on ATI's Board of Directors;|
|Standard & Poor's reaffirmed ATI's long-term 'A' stable rating, enabling ATI to retain its title as the second highest rated institution in Africa after the African Development Bank|
The meeting attracted a record number of Ministers of Finance and Trade from all regions of Africa in addition to over 200 delegates. Malawi will host ATI’s annual meeting in 2011.