DEADLINE: 13TH MAY, 2021
AFRICA REINSURANCE CORPORATION
REQUEST FOR PROPOSAL (RFP)
CONSULTING PARTNER FOR THE IMPLEMENTATION OF IFRS 17
(1.0) BACKGROUND
Established in 1976 by 36 member States of the African Union and the African Development Bank Group (AfDB), The African Reinsurance Corporation (AFRICA RE), the leading reinsurance company in Africa and the Middle East, is a pan-African financial institution whose shareholding is split between African (75%) and Non-African (25%) investors, African shareholding comprises 41 African states, the AfDB and more than 100 African insurance/reinsurance companies from the 41 member countries, Headquartered in Lagos (Nigeria), Africa Re has a continental network of regional and local offices in Lagos (Nigeria), Casablanca (Morocco), Nairobi (Kenya), Abidjan (Cote d’Ivoire), Ebene (Mauritius), Cairo (Egypt), Addis Ababa (Ethiopia) and Dubai (UAE) as well as two subsidiaries: Africa Re (South Africa) Ltd in Johannesburg and Africa Retakaful Ltd in Cairo (Egypt).
Africa Re is currently in the process of implementing the IFRS 17 Insurance Contract in compliance with the International Accounting Standards Board (IASB) Exposure Draft which becomes effective for reporting periods beginning on or after 1 January 2022, thus heralding a new era of accounting for insurers.
(2.0) OBJECTIVES
The African Reinsurance Corporation is seeking to engage a Consulting firm that will act as an Implementation Partner to assist the Corporation in all aspects of the IFRS 17 & 9 implementation, The preferred implementation Partner will apply the business knowledge, technical skills, and the experience acquired in the course of executing similar assignments for their other clients in accomplishing the expected deliverable to Africa Re.
(3.0) DELIVERABLES
The requirements listed in the table below are expected to be delivered by the Implementation Partner. However, these deliverables are not exhaustive, as such the Implementation Partner would be expected to give guidance and offer advise on any areas that may not have been listed in the table below, which the Implementation Partner reasonably believe are necessary and relevant to Africa Re’s circumstance. The Implementation Partner is expected to leverage on the vast experience acquired from similar assignments previously delivered to their other clients to fill any gaps that may exist.
(7.0) CLARIFICATION AND AMENDMENT OF REQUEST FOR PROPOSAL
The consulting firm may request for clarification only up to 7 days before proposal submission date. Any request for clarification must be sent in writing by letter or email to the Africa Re’s address indicated below. Africa Re will respond by letter or email to such requests and will send written copies of the response (including an explanation of the query but without identifying the source of the inquiry) to all firms which intend to submit proposals. Contact for clarification:
Email; tender@africa-re.com
(8) PROPOSAL SUBMISSION
The Proposals, which must be in duplicate copies sealed in an envelope, must be delivered to the submission address indicated below and received by Africa Re not later than 13 May 2021. Any proposal received by Africa Re after the submission deadline shall not be considered.
SUBMISSION ADDRESS:
The Chairman of the Tenders Committee
African Reinsurance Corporation
Plot 1679 Karimu Kotun Street Victoria Island
PMB 12765 Lagos, Nigeria
Email: tender@africa-re.com
YOURS SINCERELY,
DR CORNEILLE KAREKEZI
GROUP MANAGING DIRECTOR / CEO.
