Cairo, Egypt, 16 March 2026: AfrexInsure, the wholly-owned Specialty Insurance Subsidiary of African Export-Import Bank (Afreximbank), has announced the appointment of Lesley Ndlovu as its new Chief Executive Officer, effective 2026, replacing Jonas Mushosho.
The appointment comes at a critical inflection point for AfrexInsure as it advances its mission to provide tailored specialty insurance solutions for trade and trade-related investments. As the organization builds momentum in its development, strong executive leadership is essential to guide governance, regulatory compliance, innovation, risk management, and market positioning.
Lesley Ndlovu, a Zimbabwean national, brings to AfrexInsure a distinguished career spanning some of the world’s leading insurance institutions, including AXA Specialty, African Risk Capacity (ARC), and AXIS Capital. His appointment introduces a unique blend of technical expertise, global market insight, and operational leadership precisely forged to support AfrexInsure’s transformation.
Throughout his career, Mr. Ndlovu has led multidisciplinary teams in high-stakes environments where robust governance and disciplined underwriting are fundamental to sustainable performance. At AXA Specialty, he developed market-responsive products addressing complex specialty risk segments, experience that will prove invaluable as AfrexInsure designs differentiated solutions for Africa’s evolving trade landscape.
This strategic leadership appointment marks a pivotal moment in the company’s evolution from its start-up phase into a dynamic scale-up stage, positioning it to deliver enhanced trade and investment risk mitigation solutions across Africa.
Trade flows across Africa continue to face constraints from limited risk capacity, high insurance costs, and reliance on offshore markets for underwriting and reinsurance. By appointing a CEO with deep expertise across global specialty insurance markets, Afreximbank enhances its ability to support trade transactions with robust, locally anchored insurance programs.
This appointment reinforces AfrexInsure’s strategic role as a critical pillar within the broader Afreximbank Group ecosystem, complementing the array of Afreximbank’s product offerings.
Commenting on his appointment, Lesley Ndlovu, Chief Executive Officer, AfrexInsure said: “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.
“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.
Speaking on Ndlovu’s appointment, Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, stated:
“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.”
Amid global uncertainty and as the continent moves towards processing/value addition and industrialisation, speciality insurance will play a critical role in de-risking strategic investments and attracting capital to sectors critical for Africa’s socio-economic development.
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About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) at “Stable”, Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), and Japan Credit Rating Agency (JCR) (A-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com
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