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 Reinsurance (Kenya) Limited is a subsidiary of WAICA Reinsurance Corporation PLC (WAICA Re), a West African reinsurance company with headquarters in Sierra Leone but present in other African countries.
WAICA Re (Kenya) obtained its operating license on 9th October 2018 and the Company has started underwriting business. The Company has adequate capacity to absorb risks and underwrites all classes of general insurance like fire, engineering, liability classes, motor, aviation, oil and gas.
WAICA Re (Kenya) works with market players in the East and Southern Africa Market including but not limited to Insurers, Reinsurers and Reinsurance Brokers. In Kenya, the Company has established partnerships with local and international brokers on the placement of treaty and facultative business.
The setup of the subsidiary, WAICA Re (Kenya) in the market will contribute to the increase in reinsurance capacity and regional business synergies paving way for operational growth in Kenya and beyond.
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.
We perform at the highest level. We recognize and reward excellence in the workplace
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.
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.
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.
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.