Company Profile

WAICA Reinsurance Corporation Plc is a public limited liability company incorporated under the laws of Sierra Leone (Companies Act 2009) on 7th March 2011.

In the years following the creation of West African Insurance Companies Association (WAICA) in 1973, the founding fathers had the desire to establish a reinsurance organisation to help mitigate the effects of the lack of reinsurance capacity within the West African insurance industry.

To fulfill this ambition, the founding fathers considered it prudent to start off by creating a reinsurance pool which hopefully will someday metamorphose into a fully fledged reinsurance corporation. Today, the WAICA Reinsurance Pool has turned into WAICA Reinsurance Corporation Plc, a dream come true.

There is no gain in saying that there is lack of reinsurance capacity in the West African sub region, which situation is compelling insurance companies to seek reinsurance protection in other parts of the world where the treaties offered are not exactly competitive and/ or affordable and the service sometimes almost non-existent.

The current WAICA Executive Council in order to give impetus to the development and realization of the idea of establishing a fully fledged reinsurance institution then embarked on revitalizing and implementing the idea of establishing the WAICA Reinsurance Corporation (WAICA Re).

To that end, the Executive Committee reconfirmed and endorsed the age old decision to locate the headquarters of WAICA Reinsurance Corporation (WAICA Re) in Freetown, Sierra Leone and to have major operating centres in Accra, Ghana and Lagos, Nigeria.

Apart from the provision of reinsurance capacity, the establishment of WAICA Re is a good example of regional socio-economic integration.

The Corporation has an authorized share capital of $100 million with $25 million expected to be paid at the end of the on-going equity capital subscription.

Objectives

The main objective of the company is to provide reinsurance services to the insurance sector in West Africa and other regions. In broad terms, the objectives of the company include:

  • To effectively and efficiently manage the business of reinsurance, primarily though not exclusively, across the sub region;
  • To achieve excellence in our management systems and standards by employing best practices through an efficient and responsive management and an empowered and highly motivated work force;
  • To create enhanced value for our shareholders and other stakeholders.

WAICA RE Services

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

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WAICA RE Products

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

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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.

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