AfrexInsure, the specialty insurance subsidiary of African Export-Import Bank (Afreximbank), has appointed Lesley Ndlovu as its chief executive officer, effective 2026, replacing Jonas Mushosho.
The appointment comes as the insurer moves to expand its role in providing tailored specialty insurance solutions for trade and trade-related investments across Africa, where limited risk capacity and high insurance costs continue to constrain cross-border commerce.
Ndlovu, a Zimbabwean national, brings experience from global insurance institutions including AXA Specialty, African Risk Capacity and AXIS Capital. His appointment is expected to strengthen governance, regulatory compliance, innovation and risk management as the company transitions from its start-up phase to a scale-up stage. The move marks a key step in positioning AfrexInsure to deliver broader trade and investment risk mitigation services across the continent.
Trade flows across Africa remain constrained by limited underwriting capacity and reliance on offshore insurance and reinsurance markets. By appointing a chief executive with experience in global specialty insurance markets, Afreximbank aims to strengthen local insurance capacity and support trade transactions through Africa-based risk solutions.
The insurer forms part of Afreximbank’s broader ecosystem of financial services designed to facilitate intra-African trade and investment. “I am deeply honoured to assume the role of Chief Executive Officer at AfrexInsure at this transformative juncture in the company’s journey. AfrexInsure represents far more than an insurance subsidiary; it embodies a strategic imperative to address one of Africa’s most persistent trade barriers: the scarcity of sophisticated, well-capitalized risk mitigation solutions anchored on the continent,” Ndlovu said.
“I extend my gratitude to Afreximbank’s leadership and the AfrexInsure Board of Directors for their confidence in this appointment. Together, we will ensure that AfrexInsure becomes a cornerstone of Africa’s trade ecosystem, supporting the continent’s economic transformation one risk solution at a time,” he added.
Commenting on the appointment, George Elombi, president and chairman of the board of directors of Afreximbank, said the new chief executive’s experience would help advance the insurer’s mandate.
“With a solid track record in speciality insurance and commitment to Africa’s economic transformation, we are confident that Lesley will advance the mandate of AfrexInsure – managing risks associated with trade through local capacity with an aim to retain premiums within the continent.”
Specialty insurance is expected to play a growing role in supporting Africa’s industrialisation and value addition agenda by helping to de-risk investments and attract capital to sectors critical for economic development.
