Effective July 1, 2011, the mantle of leadership will change at Africa Reinsurance Corporation, as the incumbent Managing Director, Mr Bakary Kamara, retires at end of this month, while Mr Corneille Karekezi, takes over as the new helmsman thereafter.

Also on the top management team with Karekezi, is Nigeria’s Ken Aghoghovbia, who was newly appointed as the Deputy Managing Director/Chief Operating Officer of the corporation. Aghoghovbia until his new appointment was the Regional Director, West African office of African Re

Born in Mauritania on October 1, 1948, Kamara holds a Bachelor’s Degree in General Law in 1974, and a Master degree in Civil Law in 1975, both from the University of Dakar, Senegal. He holds a Diploma of the Insurance Institute of Tours, France 1977, as well as a Diploma of Higher Studies in Insurance Law from Francois Rabelais University (equivalent of a Doctorate Degree) in November 1977.

Kamara was appointed legal adviser in the Mauritania State owned insurance company from where he rose to the position of the company’s Deputy General Manager in September 1979, a position he held up to 1984. He joined African Re in 1984 as the Secretary-General and became its chief executive officer in 1993. For the 18 years of his leadership of the corporation, Kamara took Africa Re through series of reforms including a five-year strategic plan, which saw the company having seven offices and two subsidiaries. The corporation was also rated by A.M. Best and Standard and Poors. From a written income of $38.6million in 1993, the premium income of Africa rose to $627.5million as at December 2010, with a net profit of $64.7million.

Meanwhile, following his retirement as the Managing Director of Africa Re, Kamara will also give up his executive membership of the AIO after 16 years of serving the body.

For his steadfastness and selfless service to the AIO, members of the governing body expressed their appreciations to Kamara for his dedication and contribution to the growth of the AIO. He was a member of the AIO Finance Committee.

Kamara was also a member of West African Insurance Companies Association, WAICA, Federation of African Reinsurance Association, acronym, FANAF and many others.