WAICA Re operates as a reinsurance company offering reinsurance services to insurance companies in Africa, Middle East and parts of the Asian continent.
It was formed by West African insurance companies Association (WAICA) which had commenced as a pool in 2011. Subsequently, the Association registered WAICA Re in Sierra Leone in March 2011 with the aim of mitigating the effects of lack of reinsurance capacity within the West African insurance industry. The Company has since become one of the leading reinsurance underwriters in Africa and beyond.
The Company has regional offices in Nigeria, Ghana, Tunisia and Ivory Coast, in its quest to ensure close business proximity with the principal markets of Ghana, Nigeria, the French speaking countries in West Africa and the Maghreb region. The group opened also new subsidiaries in Zimbabwe and Kenya. WAICA Re is rated by Global Credit Rating Co, A+ and B+ for National and International Claims paying ability rating respectively with a stable outlook. For the year ended 31st December 2018, the company recorded a pre-tax profit of 6.8 million USD up by 25% compared to the previous year. The turnover increased from 55.8 million to 57.9 million USD. Equity reached 85.9 million USD up by 5.3% in the last twelve months.

WAICA Re (Kenya) Limited
WAICA Reinsurance (Kenya) Limited is a subsidiary of WAICA Reinsurance Corporation PLC (WAICA Re), a Pan African Reinsurance company with headquarters in Sierra Leone and present in 6 African countries (Ghana, Nigeria, Tunisia, Ivory Coast, Kenya and Zimbabwe.
WAICA Re (Kenya) was incorporated on 3rd November 2017 and started operations in October 2018, after obtaining its reinsurance operating license on 9th October 2018.
The Company has established partnerships with market players in the East and Southern Africa Market (Kenya, Tanzania, Uganda, Ethiopia, Zambia, South Sudan, Rwanda and Burundi) including but not limited to Insurers, Reinsurers and Reinsurance Brokers.
The Company has adequate capacity to absorb risks and underwrites all classes of general insurance like Fire, Engineering, Liability classes, Motor, Marine and Aviation, Oil and Gas and Property.
The Company is managed by a six-member board of experienced professionals and a management team that has relevant in-depth experience in reinsurance market across the region.
The Company has achieved modest success since its licensing in October 2018.
- Premium income has grown from Kes.20.1million in the three months operation in 2018 to Kes.721.24 million at the end of 2020, a growth of 3483%.
- Total assets have also increased from Kes.1.0 billion in 2018 to Kes.1.8 billion shillings in 2020.
The Company will continue to be competitive in its operational market through the following:
- Quality service delivery: underpinned on superior service (agility, response time and an experienced team).
- Attractive pricing of products underpinned on cost leadership attributed to use of recently rolled out sales models.
- Understanding the specific needs of clients and delivering tailored programmes to differentiate WAICA Re (Kenya) from other players.
- Proactive marketing and advertising strategy through adoption of least-cost high-efficiency advertising channels of high impact in terms of reaching insurers and brokers.
- Competitor equivalent product range/mix capability.
- Lean cost approach: carrying out operations with a lean and highly productive workforce coupled with processes automation to increase efficiency as a basis of minimising costs.
- Organisational capabilities and talent management: through attracting and investment in key resources gaps to attract and retain crucial members of staff that will help the Company deliver on its strategy; and building a culture based on excellence, transparency and inclusivity.
philosophy
The philosophy of the company is to provide greater insurance and reinsurance capacity in the West Africa region in the context of the continued integration of the West African financial sector.
The guiding principle is ‘going the extra mile’ for our clients who should receive even better service than they currently do with existing reinsurers. Our priority is to build customer relationships based on trust and value and which will be delivered using cutting edge technology.
Excellence
We perform at the highest level. We recognize and reward excellence in the workplace
Integrity
We revere honesty; adhere to high ethical standards by carrying out our work in an objective and unbiased manner and by demonstrating respect for those with whom we interact.
Commitment
We are committed to reinforcing our position as a leader in the reinsurance market by always conducting our business in a consistent, disciplined and focused manner.
Professionalism
We assure accuracy, quality, and high level of competency and use the most appropriate skills, continually seeking opportunities to improve and to enhance the quality of our services.
Team Spirit
We promote team work and accommodate different cultures and attitudes. We shall think differently and strive to apply innovative thinking and creativity to everything we do.