REQUEST FOR PROPOSAL FOR SUSTAINABILITY (ENVIRONMENT, SOCIAL AND GOVERNANCE) CONSULTANCY SERVICES
REQUEST FOR PROPOSAL: SUSTAINABILITY (ENVIRONMENT, SOCIAL AND GOVERNANCE) CONSULTANCY SERVICES
CLOSING DATE FOR APPLICATIONS: 2021-07-15
The African Reinsurance Corporation (“Africa Re” or “the Corporation”) is an international organization with headquarters in Lagos, Nigeria, and with a dual commercial and developmental mandate focused on the African insurance sector.
Africa Re has six regional offices: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebène (Mauritius). In addition, Africa Re wholly owns three operating subsidiaries, namely: Africa Re South Africa Limited (Johannesburg, South Africa), Africa Retakaful Company (Cairo, Egypt) and Africa Re Underwriting Agency Limited (Dubai International Financial Centre, United Arab Emirates).
The Corporation is an admitted reinsurer in Brazil and has contact offices in Addis Ababa (Ethiopia) and Khartoum (Sudan) with an additional Underwriting Representative Office in Kampala (Uganda). Africa Re has a fully registered foundation (Africa Re Foundation) based in Ebène (Mauritius) that oversees all Corporate Social Responsibility initiatives.
The Corporation, created by a multilateral agreement in 1976, is owned by 41 member states of the African Union (AU), the African Development Bank (AfDB), 113 African insurance and reinsurance companies and three leading global insurance and reinsurance groups.
The financial strength and credit rating of the Corporation is “A” by A.M. Best and “A-” by Standard & Poor’s. The Corporation is the only pan-African reinsurer to be so highly rated.
2. Project Background
The Corporation has existing policies, procedures and guidelines to handle some sustainability initiatives using underwriting guidelines, investment activities, compliance checks, due diligence measures, stakeholder agreements, procurement processes, governance practices, risk culture and grievance mechanisms.
However, it is now imperative that these initiatives be enhanced, codified and aligned with international best practice, especially given the increasing focus on sustainability issues driven by Environmental, Social and Governance (ESG) considerations together with their material impact on long-term financial performance.