Resignation of ATI’s Chief Executive on personal grounds
NAIROBI, 23 June, 2009
The Board of Directors of the African Trade Insurance Agency formally accepted the resignation of the Agency's Chief Executive Officer, Mr. Peter Jones on personal grounds relating to his family, effective 31st July, 2009. The ATI Board of Directors assigned Mr. Stewart Kinloch, the Chief Underwriting Officer to the role of Acting CEO upon the departure of Mr. Jones. Mr. Kinloch has nearly three decades of international banking and credit insurance experience with such notable institutions as the Royal Bank of Scotland, QBE, where he was the Deputy Head of Trade Credit and Surety for Europe, and with Atradius as the Regional Director for Underwriting.
Under the leadership of Mr. Jones, ATI achieved several notable milestones. He pioneered the way towards the Agency earning an "A" Stable credit rating from Standard & Poor's in 2008, making ATI the second highest rated institution in Africa. While at the helm, Mr. Jones strengthened the Agency's financial position and steered it to record- breaking financial results in both 2007 and 2008. The 2008 results, announced during the Agency's Annual General Meeting last month in Nairobi, showed an 80% increase in gross written premium and a 217% increase in net underwriting income over the previous year. Mr. Jones also spearheaded ATI's expansion throughout the region and its legal and financial restructuring, which has resulted in a fully-capitalised institution with US$86 million of paid-in capital and US$140 million of total available capital.
Speaking on behalf of the Board, Chairperson Israel Kamuzora commented, "We have appreciated the leadership demonstrated by Mr. Jones over the past four years, and while we regret his departure, we are confident in the strength of the organisation and in the abilities of the people that make up ATI. There is no doubt that the organisation will continue the upward trajectory that Mr. Jones helped to set."
The ATI Board has already begun the competitive recruitment process to fill the vacancy.
Headquartered in Nairobi, Kenya, the African Trade Insurance Agency (ATI) is an African owned International Financial Institution. Founded in 2001 by African States with the financial and technical support of The World Bank Group, ATI provides a range of customised, innovative and competitively priced Credit and Political Risk Insurance Products to support African investments and trade. Since writing its first policy in 2003, ATI has supported US$1.2 billion in trade and investments across Africa.
In 2008, ATI issued insurance policies covering political and commercial risks for transactions worth US$769 million. The Agency also supported exports worth US$95 million from its African Member States. The sectors supported include; telecommunications, manufacturing, agribusiness, education, export, services, hotels, mining and residential housing. Beneficiaries include manufacturers/exporters of goods/services located in Member States, regional and international banks who are providing financial support to regional businesses, investors investing in the region, and the overall business community in ATI's Member States.
ATI offers Political Risk Insurance for Trade & Investment, Political Violence, Terrorism & Sabotage Cover, Comprehensive Non-payment Cover, Inter & Intra- Regional and Domestic Whole Turnover Credit Insurance, Project Loan Cover, Unfair Calling of Bonds Insurance and Mobile Assets Insurance.
The Agency's paid in capital is US$86 million, with US$54 million in additional committed capital.
Awarded a Stable Long Term 'A Stable' rating for Financial Strength and Counterparty Credit by Standard & Poor's in 2008, ATI is on track to continue providing effective cover to Africa.