A new CEO has been appointed to lead the insurance mutual and financial affiliate of the African Risk Capacity (ARC), the African Risk Capacity Insurance Company Ltd (ARC Ltd), with Lesley Ndlovu joining the firm from his most recent position with a division of AXA.
The move comes as the tenure of former ARC Ltd. CEO Dolika Banda comes to an end, following a period when the parametric insurance company grew its risk pool and the use of reinsurance capital to support it, to record levels.
Ndlovu was most recently the CEO of AXA Africa Specialty Risks, an insurance business owned by the AXA Group that underwrote most of its business at Lloyd’s of London.
He has extensive international experience spanning 14 years across corporate finance, audit, tax advisory, insurance, reinsurance and investment management sectors, with expertise gained working in several countries including Bermuda, Singapore, France and the United Kingdom.
Ndlovu, who’s appointment takes effect from March 1st, will work alongside the ARC Ltd Board to help define and implement the company”s strategic vision and will be accountable for its continuing financial sustainability.
Ndlovu will have full strategic, financial and operational accountability for taking forward the African Risk Capacity insurance vehicle and growing risk pool membership, among other key roles.
He will also work alongside global reinsurance partners to ensure capacity is available to support ARC’s continued growth.
Reinsurance capacity is a key lever for ARC, helping it to generate risk pool diversification efficiencies for its members and keeping the cost of coverage as low as it can.
“We are deeply appreciative and grateful to Ms. Dolika Banda for her selfless hard work, leadership and sterling commitment to ARC’s mission throughout her tenure in the past three years which helped see the Agency through many challenges in the start-up phase,” commented ARC Board Chairman, Mr Dele Babade. “We have reasonable expectations that Mr. Ndlovu will leverage his expertise, vast experience, deep knowledge and impressive networks to chart a new path with good partnerships to ensure that ARC remains a continental leader in disaster risk management and financing.”