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This development comes at a time when African trade continues to face constraints including limited risk capacity, high insurance costs and dependence on foreign markets
NEWS ANALYSIS | THE INDEPENDENT | AfrexInsure, the speciality insurance unit wholly owned by the African Export-Import Bank, has appointed Lesley Ndlovu as chief executive officer effective 2026, as the firm seeks to expand its role in underwriting trade-related risks across the continent. He replaces Jonas Mushosho, who has since retired.
The leadership change comes as AfrexInsure moves beyond its start-up phase into a scale-up stage, positioning itself to address structural gaps in Africa’s insurance markets that have long constrained trade and investment flows. The company is tasked with developing locally anchored risk solutions to reduce reliance on offshore underwriting and reinsurance.
Ndlovu, a Zimbabwean national, joins with experience from global insurers, including AXA, African Risk Capacity and AXIS Capital. His background spans speciality risk underwriting, product development and operational leadership, skills seen as critical as AfrexInsure builds capacity in complex risk segments tied to trade and infrastructure.
At AXA Specialty, Ndlovu led the development of market-responsive insurance products targeting emerging risk categories, an experience that AfrexInsure is expected to leverage as it tailors solutions for Africa’s evolving trade landscape. His career has also involved managing multidisciplinary teams in highly regulated environments, with a focus on governance, compliance and disciplined underwriting.
African trade constraints
AfrexInsure’s expansion comes at a time when African trade continues to face constraints including limited risk capacity, high insurance costs and dependence on foreign markets. Strengthening domestic underwriting capabilities is seen as key to retaining insurance premiums within the continent and supporting intra-African trade.
The appointment underscores AfrexInsure’s role within the broader Afreximbank ecosystem, where it complements the bank’s financing tools by mitigating risks associated with cross-border transactions and investment flows.
“I am deeply honoured to assume the role of Chief Executive Officer at AfrexInsure at this transformative juncture in the company’s journey,” Ndlovu said. “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.
George Elombi, President and Chairman of the Board of Directors of Afreximbank, said the appointment aligns with the bank’s strategy to strengthen Africa’s financial infrastructure.
“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,” Elombi said.
Specialised insurance on the surge
As African economies push toward industrialisation and value addition, demand for specialised insurance products is expected to rise, particularly in sectors such as manufacturing, energy and logistics. Industry executives say stronger local insurers could help de-risk investments and attract capital at a time of heightened global uncertainty.
AfrexInsure’s next phase will focus on scaling underwriting capacity, expanding product offerings and deepening partnerships across the continent, as it seeks to play a larger role in facilitating Africa’s trade-led growth.
