AfrexInsure Strengthens Leadership with Appointment of Lesley Ndlovu as CEO Effective 2026
AfrexInsure, the dedicated Specialty Insurance Subsidiary of the African Export-Import Bank (Afreximbank), has announced the appointment of Lesley Ndlovu as its new Chief Executive Officer, effective in 2026. Ndlovu will succeed Jonas Mushosho in this pivotal role.
Strategic Leadership at a Critical Juncture
This appointment comes at a crucial time for AfrexInsure as it seeks to enhance its offerings of specialized insurance solutions tailored for trade and related investments. As the organization continues to grow, strong leadership is essential for navigating governance, regulatory compliance, innovation, risk management, and market positioning.
Lesley Ndlovu, a national of Zimbabwe, brings extensive experience from leading global insurance institutions, including AXA Specialty, African Risk Capacity (ARC), and AXIS Capital. His background combines technical expertise with global market insights, positioning him well to facilitate AfrexInsure’s transformation.
Expertise in Specialty Insurance
Throughout his career, Ndlovu has successfully managed multidisciplinary teams in high-pressure environments where effective governance and disciplined underwriting are critical for sustainable performance. His tenure at AXA Specialty involved the development of market-responsive products tailored to complex specialty risk segments. This experience will be invaluable as AfrexInsure crafts innovative solutions to meet Africa’s evolving trade landscape.
The strategic appointment marks a significant transition for AfrexInsure, moving from its initial start-up phase into a dynamic scale-up stage. This evolution aims to enhance the delivery of trade and investment risk mitigation solutions across the continent.
Addressing Trade Challenges in Africa
Trade flows within Africa are currently hindered by limited risk capacity, high insurance costs, and a reliance on offshore markets for underwriting and reinsurance. By appointing a CEO with extensive expertise in global specialty insurance markets, Afreximbank aims to bolster its support for trade transactions through robust, locally anchored insurance programs.
This leadership change reinforces AfrexInsure’s role as a vital component within the broader Afreximbank Group ecosystem, complementing the institution’s diverse product offerings.
Commitment to Economic Transformation
Lesley Ndlovu expressed his honor in assuming the role of Chief Executive Officer at AfrexInsure during this transformative period. He emphasized that AfrexInsure is more than just an insurance subsidiary; it represents a strategic initiative aimed at overcoming one of Africa’s most persistent trade barriers: the lack of sophisticated, well-capitalized risk mitigation solutions available on the continent.
Ndlovu also acknowledged the confidence placed in him by Afreximbank’s leadership and the AfrexInsure Board of Directors. He expressed his commitment to ensuring that AfrexInsure becomes a cornerstone of Africa’s trade ecosystem, contributing to the continent’s economic transformation through effective risk solutions.
Support from Afreximbank Leadership
Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, highlighted Ndlovu’s solid track record in specialty insurance and his commitment to Africa’s economic transformation. He expressed confidence that Ndlovu would advance AfrexInsure’s mandate, focusing on managing trade-related risks through local capacity and retaining premiums within the continent.
As global uncertainties persist, and as Africa shifts towards processing, value addition, and industrialization, specialty insurance is expected to play a crucial role in mitigating risks associated with strategic investments. This will help attract capital to sectors essential for the continent’s socio-economic development.
About Afreximbank
The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution dedicated to financing and promoting intra- and extra-African trade. For over three decades, the Bank has been implementing innovative financing solutions to transform Africa’s trade structure, accelerate industrialization, and enhance intra-regional trade, thereby fostering economic growth across the continent.
Afreximbank is a staunch supporter of the African Continental Free Trade Agreement (AfCFTA) and has initiated the Pan-African Payment and Settlement System (PAPSS), adopted by the African Union as the payment and settlement platform to facilitate the implementation of the AfCFTA. In collaboration with the AfCFTA Secretariat and the AU, the Bank has established a US$10 billion Adjustment Fund to assist countries in effectively participating in the AfCFTA.
As of December 2024, Afreximbank’s total assets and contingencies exceeded US$40.1 billion, with shareholder funds amounting to US$7.2 billion. The institution holds investment-grade ratings from GCR, Moody’s, China Chengxin International Credit Rating Co., Ltd, and Japan Credit Rating Agency.
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