Board of Directors

Dr Lars Thunell

Chairman of the Board

Dr Lars Thunell currently chairs the Board of the African Risk Capacity Insurance Company Limited l (ARC Ltd). He took on the role in 2013 when ARC Ltd was established.

Alongside ARC Ltd, Dr Thunell is member of a High Level Panel at the African Development Bank as well as being senior advisor to the Blackstone Group and chairman of Global Water Development Partners. He was a board member and chair of the risk committee at Standard Chartered Bank and a board member of Kosmos Energy.

Between 2006 and 2012, Dr Thunell was CEO and Executive Vice President of the International Finance Corporation, the private sector arm of the World Bank Group. Under his leadership, the IFC expanded its annual investment volume from $6bn to more than $20bn and refocused its efforts on the poorest countries, especially in Africa.

Prior to joining IFC, Dr Thunell had an extensive career in the private sector including as CEO of SEB, Sweden’s leading bank, Trygg-Hansa, a Swedish insurer, and Securum where he played a key role in the Swedish government’s strategy to resolve a l banking crisis in the 1990s.

Dr Thunell received a PhD in Political Science from Stockholm University.

Dele Babade

Chair of Finance and Investment Committee (Sept-2015)

Dele Babade is chairman of the Finance and Investment Committee of the ARC Ltd Board, a position he took on when he joined ARC Ltd in September 2015.

Mr Babade has worked in the financial services sector for over 25 years and currently serves as CEO and founder of AfriCapital, a Pan-African corporate finance and financial advisory firm which he set up in 2007. He has also served as Group Executive/CEO of Ecobank Capital, the Investment Banking, Treasury and Capital markets entity of African banking group Ecobank Transnational.

Before that Mr Babade led Citigroup’s Corporate Finance and Investment Banking Division for Sub-Sahara Africa and held senior positions at HSBC Group/Samuel Montagu Merchant Bank and Nomura International in London, leading major M&A and capital raising deals for blue chip corporates.

Mr Babade obtained a Masters degree in Corporate and Commercial Laws from University College London and was called to the Nigerian Bar in 1987 and to the Bar of England and Wales in 1991.

Wise Chigudu

Underwriting & Reinsurance Committee and Audit Committee (Dec-2013)

Wise Chigudu sits on the Underwriting and Reinsurance Committee and Audit Committee of the ARC Ltd Board and has been a Board Member since the company was created in 2012.

He is currently a consulting actuary at his own UK-based firm Impi Risk Solutions. Previously Mr Chigudu was head of risk management and interim director of ceded reinsurance for (re)insurance carrier Argo International in London. Before that he was group reinsurance actuary and capital modelling specialist at Ace European Group.

Mr Chigudu is a Fellow of the UK Institute and Faculty of Actuaries and holds an MBA from Oxford University.

Amadou Diallo

Chair of Audit Committee (Sept-2015)

Amadou Diallo is chairman of the Audit Committee of the ARC Ltd Board, having joined the Board in September 2015.
Mr Diallo is CEO of DHL Freight, leading the strategic development of DHL’s freight division since 2011. He previously led the Africa and South Asia Pacific regions for DHL and has held senior positions at Deutsche Post and Danzas.

He is also chairman of the African Medical and Research Foundation (AMREF), a member of the Board Governors Universal Business School Mumbai and chairs the Future Global 100 initiative. He founded Banouna Ba Foundation for Girls education in Senegal and a music company Blue Saxo Music Production.

Mr Diallo has an MBA from Schiller International University and a Post Graduate degree in change and leadership development from The Wharton School of University of Pennsylvania.

Hans-Peter Gerhardt

Chair of Underwriting & Reinsurance Committee

Hans-Peter Gerhardt chairs the Underwriting and Reinsurance Committee of the ARC Ltd Board and has been a Board Member since 2013.

Mr Gerhardt has over 30 years’ experience in the reinsurance market serving in multiple senior management positions. He is currently group CEO of ACR Capital Holdings and CEO of its subsidiary Asia Capital Re. He was previously CEO of AXA Re which later became Paris Re before its acquisition by Partner Re in 2009. Mr Gerhardt has also held senior management positions at Cologne Re and Berkshire Hathaway’s General Re.

He currently serves on a number of boards in the global reinsurance industry.

Vincent Rague

Underwriting & Reinsurance Committee and Audit Committee

Vincent Rague currently serves as a Board Member of ARC Ltd which he joined in September 2015. He sits on both the Underwriting & Reinsurance as well as Audit Committees.

Mr Rague is currently co-founder of a private equity fund manager in Kenya, Catalyst Principal Partners. He has over 25 years’ experience in advisory services, investments, project and corporate finance and banking in Latin America, Africa, Europe and Asia. Mr Rague previously worked for the International Finance Corporation including as Chief Investment Officer and Global Head of Real Estate investments. Prior to joining the World Bank Group, Mr Rague worked at the Ministry of Finance and the Central Bank of Kenya.

He sits on a number of boards including Kenya Airways and Group Five as well as being a member of the International Advisory Board of global insurer Ace.

Mr Rague holds an MBA from Darden Business School, University of Virginia.

Dr Richard Wilcox

Finance and Investment Committee

Dr Richard Wilcox has been a Board Member of ARC Ltd since September 2015 and is currently part of the Finance and Investment Committee.

Dr Wilcox led the establishment and capitalisation of ARC Ltd and was interim Director General of ARC Agency from 2013 until September 2015. He has held senior positions at the UN for almost two decades before ARC including as UN Representative in Serbia for the Kosovo transition negotiations in 2008 and UN Political Director in Iraq in 2007. Dr Wilcox pioneered sovereign disaster insurance in Africa through a drought insurance project in Ethiopia in 2005 with the UN World Food Programme. He was director of UN Affairs of the US National Security Council in the Clinton administration 1999-2000.

A German and US national, Dr Wilcox holds a PhD from MIT.