Local knowledge, International Expertise We challenge convention to market unique products and services to our customers.
Underwriting Africa Specialty Limited provides a variety of risk mitigation tool solutions for banks, financial institutions and corporates operating in Africa, as well as those seeking to expand their footprint in Africa. We accomplish this by partnering with multinational reinsurers interested in developing their African footprint by providing localised credit and country risk expertise.
From our headquarters in Nairobi, Kenya, we have, since our inception in 2015, supported projects in 13 countries in Africa.
To be a recognised and leading Pan African provider of specialist and innovative credit risk mitigation solutions.
To facilitate the growth in trade and investment in Africa by providing a One-Stop shop for credit and risk management solutions to all our stakeholders.
Our Story
The challenges of doing business in Africa include: lack of adequate capital and financing for Small and Medium Enterprises in Africa; lack of credit information (on both local and international buyers) makes it difficult for African companies to make credit decisions on their buyers, which often leads to large losses if left unmitigated. This also hampers local companies capacities to expand their businesses within as well as outside the continent; and requirement for large bonding requirements (advance payment and performance bond) for construction companies. Africa’s Infrastructure needs are vast, and it appears to be playing catch-up; therefore, the projects are large, which means that the bonding requirements of contractors are equally large. The challenge is in lack of adequate collateral to support these requirements.
The founders, Cecilia Rague and Kathryn Devos are no strangers to these issues. They were born to entrepreneurial parents and had firsthand experience with these challenges. One semester before graduating in 1997, Cecilia was forced to discontinue her studies due to tuition arrears after a significant buyer in Germany was declared insolvent. This buyer bought about 80% of her mother s goods but was unable to satisfy its commitments once creditors took possession. Her mother s company was an unsecured creditor that had shipped an unusually high amount of items without knowing the company s position.
Between 2013 and 2015, the founders, Cecilia Rague and Kathryn Devos, then employed in a local insurance company, were tasked with structuring and rolling out new products to meet the nascent demand for Credit risk mitigation solutions. The biggest challenge they faced was obtaining reinsurance capacity to suit the challenges of doing business in Africa. Armed with years of experience in Corporate Credit in Banks and Credit Risk Insurance, the duo decided to set up the first private provider of Credit Risk Insurance in Africa. Without a designated Management Agent framework in the local laws and regulations, Underwriting Africa Insurance Brokers was set up in 2015 as a link between local Corporates, Insurance Companies and Reinsurers. Underwriting Africa Insurance Brokers was appointed Underwriting and Claims Manager for leading A-rated Reinsurers, including Swiss Reinsurance Corporation, a role which they played until 2020 when the Reinsurers changed their distribution model.
However, this didn’t deter them, in 2021, they were able to convince a Reinsurer in Mauritius to support them, but the biggest breakthrough was in 2023 when they were able to obtain formal commitments from Swan Re (Archean Re), for which Underwriting Africa Specialty plays the role of Underwriting and Claims Manager. Archean Re provides Trade Credit and Surety capacity focused on African Markets.
Our Values
Integrity
We provide service with integrity
Commitment
We are committed to putting the customer at the heart of the business
Our Promise
We walk the journey and exceed expectations
Our Drive
We drive conversations to shape opinions
Innovation
We are confident in our ability to influence the market through innovation
Highly Personalized
We care about your growth
Client Experiences That Speak for Themselves
“Partnering with Underwriting Africa has been key to us and has brought stability with their deep industry expertise, timely support, and innovative reinsurance solutions. They have played a critical role in our journey and we appreciate their quick turnaround. What truly sets them apart is their transparency, long-term partnership, product knowledge and awareness on markets. We value their insights and professionalism and are happy to work with a reliable and forward-thinking partner.”
