Africa Finance Corporation (AFC) has launched a captive insurance company, AFC Captive Insurance Company Ltd, as a wholly owned subsidiary in Bermuda. The new entity, backed by up to US$30 million in equity capital, will initially provide insurance coverage for loans extended by AFC to its counterparties, enhancing risk management and reducing reliance on external commercial insurance. Licensed as a class 2 insurer, AFC Captive will also have flexibility to extend capacity to AFC affiliates and select third parties, supporting AFC's infrastructure financing growth across Africa.
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