AfrexInsure, the specialty insurance subsidiary of African Export-Import Bank (Afreximbank), has appointed former African Risk Capacity boss Lesley Ndlovu as its new chief executive officer as it seeks to grow its operations.
Ndlovu has now replaced Jonas Mushosho, who had been leading the Pan-African bank’s insurance arm since it was established in June 2023.
AfrexInsure was set up to develop speciality insurance solutions and make them more readily available across the continent, in a bid to retain premiums in Africa and support trade and trade-related investments.
Ndlovu’s appointment comes at a “critical inflection point for AfrexInsure”, the organisation said, as it moves from a “start-up phase to a dynamic scale-up stage”.
The Zimbabwean national has joined AfrexInsure after a five-year stint as CEO of African Risk Capacity.
Prior to that, he worked for other leading insurance companies, including seven years at AXA across their Singapore, Paris and London offices, and five years at Bermuda-based Axis Capital.
AfrexInsure said his appointment brought a “blend of technical expertise, global market insight and operational leadership” needed to support its transformation as it aims to “deliver enhanced trade and investment risk-mitigation solutions across Africa”.
“I am deeply honoured to assume the role of chief executive officer at AfrexInsure at this transformative juncture in the company’s journey,” Ndlovu said.
“AfrexInsure represents far more than an insurance subsidiary; it embodies a strategic imperative to address one of Africa’s most persistent trade barriers: the scarcity of sophisticated, well-capitalised risk mitigation solutions anchored on the continent.”
The chairman of the Cairo-headquartered lender, George Elombi, said Ndlovu’s “solid track record and commitment to Africa’s economic transformation” were set to “advance the mandate of AfrexInsure, managing risks associated with trade through local capacity with an aim to retain premiums within the continent”.
Trade flows across Africa continue to struggle partly due to limited risk capacity, high insurance costs and reliance on offshore markets for underwriting and reinsurance.
Afreximbank recently cut ties with credit ratings agency Fitch, accusing it of failing to understand its mandate amid a row that ultimately saw the multilateral development bank downgraded to ‘junk’ status.
