The mandate of NamibRe is to provide reinsurance services and to minimise the placement of insurance and reinsurance business outside the borders of Namibia. NamibRe is a state-owned corporation which was established by an Act of Parliament Namibre Act (Act 22 of 1998).
The corporation has since inception recorded growths in its gross written premium. At inception (in 2001), the corporation's gross written premium stood at just over N$ 5 million but after some 5 years the figure exceeded N$ 50 million. This indicates tremendous growth for the corporation.
The Corporation was affirmed the following claims paying ability ratings by a reputable ratings agency Global Credit Rating (GCR): AA- (National) and BB (International). These ratings further indicate the Corporation's financial strength and claims paying ability both nationally and internationally.