ADDRESS OF HIS EXCELLENCY THE PRESIDENT OF THE REPUBLIC OF SIERRA LEONE, DR ERNEST BAI KOROMA AT THE LAUNCHING OF THE WAICA REINSURANCE CORPORATION PLC ON THURSDAY, 19TH APRIL, 2012.


Distinguished ladies and gentlemen,


It is my pleasure to be part of the commissioning today of the WAICA Reinsurance Corporation Plc [WAICA Re] which earlier on had been launched by my good self on the 7th of March, 2011, at the Eko Hotel & Suites, Victoria Island, Lagos, Nigeria.

The West African Insurance Companies Association [WAICA] was formed in 1973, the founding fathers then had the desire to start a reinsurance company to help mitigate the effects of the lack of reinsurance capacity within the West African Insurance Industry.

The idea to establish the WAICA Re was conceived about 30 years ago but due to unforeseen circumstances, it did not materialise and instead of this, a pool was created called’ WAICA Pool’ which was then hopefully thought would later metamorphose into a fully fledged reinsurance company.

The WAICA Pool started operation since 1981. Through the sterling efforts of its member companies and the formidable WAICA executive, the Pool has now metamorphosed into a fully fledged reinsurance company that will be of immense benefit to the West African member countries and indeed the continent of Africa.

The Corporation is owned by the insurance companies of the five (5) English speaking Countries of the West African sub-region (i.e. Ghana, Liberia, Nigeria, The Gambia and Sierra Leone) and was incorporated in Freetown, Sierra-Leone in March, 2011, it has the full backing of the Sierra – Leone Government as well as the Governments of other member countries.

The Corporation’s head office is situated here in Freetown, Sierra – Leone, with two operating centres in Lagos, Nigeria and Accra, Ghana. In support of this worthy cause, the Government of Sierra Leone has given this entity a befitting accommodation to house the corporation as well as its Chief Executive Officer. The corporation and its officials have diplomatic status with immunities, privileges and exemptions as per the Vienna Convention of Diplomatic Relations 18th April, 1961.

It is my belief that WAICA Re shall definitely contribute to the economy of member states in the area of increasing local insurance capacity which is a key ingredient for economic development. WAICA Re shall also contribute/facilitate investment in the West African sub-region while boosting employment opportunities and manpower development.

I therefore want to congratulate the Government and people of Sierra Leone for hosting this international organisation as the benefits that would accrue to us are enormous such as:

  • employment opportunities for our people;
  • manpower development for our professionals;
  • investment opportunities;
  • earning of foreign income and reduction of capital flight;
  • contribution to socially responsible projects;

to mention but a few.

WAICA Re will also assist in the economic, social and cultural integration of the member countries. To this end, I use this occasion to call on all stakeholders and Governments of member countries to give all the required support to the WAICA Reinsurance Corporation Plc as may be necessary so as to grow this unique institution into an enviable world-class reinsurance company that will be a pride to all.

It gives me great pleasure to formally launch the WAICA Reinsurance Corporation Plc.

Long live the Republic of Sierra Leone

God bless you.

WAICA RE Services

WAICA RE actively engages in training of our cedants in Reinsurance and the provision of technical support.

See More

WAICA RE Products

WAICA Re offers Life and Non-Life Treaty and Facultative reinsurance to its clients across the core classes of insurance

See More

WAICA RE Contact

WAICA RE has its headquarters in Freetown,Sierra Leone and holds branches in Ghana,Nigeria,Ivory Coast & Tunisia, and Subsidiaries in Kenya and Zimbabwe.

See More