Kenya 
Sierra Leone 
Zimbabwe 
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.
Our People
Everything we have accomplished and everything we've come to stand for has been a direct result of our team's effort
Meet the teamBoard of Directors
Mr. Abiola E. Ekundayo
Chairman
Mr. Abiola Ekundayo is a fellow of both Chartered Insurance Institute London (with specialization in reinsurance) and Chartered Institute of Marketing of Nigeria. Mr. Ekundayo has a Master of Business Administration (MBA) degree from Lagos State University. He has varied and a broad-spectrum experience in executive management and technical educational fields having attended courses, both locally and internationally. These include leading the team course at Lagos Business School, Reinsurance Strategic Management at the prestigious Wit Business School, University of Witwatersrand, Johannesburg, South Africa and Managing People Effectively at D & B Business Training Services, London. He has held senior management positions in Globe Re the first Nigerian Reinsurance Company and is currently the Group Managing Director of WAICA Reinsurance Corporation PLC.
Mr. Eric Ato Botchway
Director
Mr. Eric Ato Botchway is a Chartered Accountant and member of the Association of Chartered Certified Accountants (ACCA) (UK). He has a Master of Business Administration (MBA) from the University of Ghana Business School.
Mr. Eric Ato Botchway has over 17 years’ experience in the insurance industry in Ghana. Prior to becoming the Managing Director, Eric joined Donewell Life as the Executive Director in charge of Finance and Administration Ltd and he also held senior management positions at Imperial General Assurance, Metropolitan Life Insurance Ghana Limited and Quality Insurance Company Limited.
Mr. William B. Coker
Director
Mr. William B. Coker is a Chartered Insurer after having attended the CII College of Insurance in Sevenoaks, Kent, U.K. and qualifying in 1992 as an Associate of the Chartered Insurance Institute of London, U.K. Mr. Coker started his insurance career in 1980 with the Gambia National Insurance Corporation and rose through the ranks to become its first Deputy Managing Director/Deputy CEO in 1994 and later in 1998 was appointed its Managing Director/CEO. Mr. Coker held this position until 2005 after which he was appointed to his current position as Secretary General/CEO of the West Africa Insurance Companies Association (WAICA) – a sub-regional body of insurance institutions in West Africa.
Mr. William Olotch
Director
Mr. William Olotch is a Fellow of the Chartered Insurance Institute of London. He has a Bachelor of Arts degree (Economics and Business Administration) from the University of Dar-es-Salaam. Mr. Olotch has been extensively involved in insurance industry having held the following positions; Managing Director - First Assurance Company Ltd (2001-2002), Managing Director - Pan Africa Insurance Co. Ltd (1993-2001), General Manager – Kenya Reinsurance Corporation (1974-1986) and Director and CEO - Kenya College of Insurance (2002-2006). He is a past Board member of East Africa Re, Association of Kenya Insurers, Board of Trustees College of Insurance and Chairman of Education Committee.
Dr. Habil Olaka
Director
Dr. Habil Olaka holds a Doctorate of Business Administration from USIU-Africa. He has Master of Business Administration degree in Finance from the Manchester Business School in the UK and a Bachelor of Science degree in Electrical Engineering from the University of Nairobi. He is a member of the Institute of the Certified Public Accountants of Kenya (ICPAK) and the CFA Institute. Dr. Olaka is the current Chief Executive Officer of Kenya Bankers Association (KBA) and he sits on the following boards; Higher Education Loans Board, Federation of Kenya Employers, Kenya School of Monetary Studies, Anti-Money Laundering Advisory Board, Gras Savoye Insurance Brokers (K) Ltd, Centre for Corporate Governance, National Research Fund and Kenya Deposit Insurance Corporation. He has held senior management positions at East African Development Bank, Kenya.
Mr. George Otieno
Director
Mr. George Otieno is a Fellow of the Chartered Insurance Institute of London. He has a Master of Business Administration degree from the University of Lagos. Mr. Otieno is a member of the British Institute of Management and a Fellow of the Institute of Management in the UK. He is a past Chairman of the Association of Kenya Reinsurers and a past Director of the College of Insurance (Kenya). Mr. Otieno has over 35 years of experience in the insurance industry, with 29 years in Reinsurance. He has held senior management positions at Africa Re Lagos and Africa Re Nairobi, Kenya and served as the Chief Executive Officer of African Trade Insurance Agency (ATIA) from July 2010 to July 2019.
Management Team
Mr. Charles Etemesi
Chief Executive Officer
Mr. Charles Etemesi is the Chief Executive Officer. He holds a Diploma in insurance from the Chartered Insurance Institute of London and a Master of Business Administration (Management Science) from Kenyatta University, Nairobi and Bachelor of Arts Degree in Economics from the Bombay University, India. Mr. Etemesi has over 20 years’ experience in the reinsurance industry in Kenya and Zambia. Prior to joining WAICA Re (Kenya) in April 2018 as the Chief Executive Officer, Charles has held senior management positions at Kenya Reinsurance Corporation and Prima Reinsurance, Zambia.
Mr. David Kudoyi
Senior Manager (Technical)
Mr. David Kudoyi is the Senior Manager (Technical). He is an Associate of the Chartered Insurance Institute London. He holds a Master of Business Administration (Strategic Management) and a Bachelor of Science Degree (Mathematics Option) from University of Nairobi. Mr. Kudoyi has over 15 years’ experience in the Insurance Industry in Kenya. Prior to Joining WAICA Re (Kenya) in February 2020, he was the Manager (Technical Operations) at Continental Reinsurance Limited (Kenya).
Mr. Nana Kissi
Chief Finance Officer
Mr. Nana Kissi is the Chief Finance Officer. He is a fellow of the Association of Certified Chartered Accountant. He holds a Bachelor of Science Degree in Applied Accounting from Oxford Brookes University, U.K. Mr. Kissi has over 15 years’ experience in the insurance industry in Ghana. Prior to joining WAICA Re (Kenya) in February 2019, Nana held senior management positions as the Chief Finance Officer of Provident Insurance Company, Ghana, Regency Alliance Company Ghana and Industrial & General Insurance Ghana.
Ms. Susan Gachina
Finance Manager
Ms Susan Gachina is the Finance Manager. She holds a Master of Science in Entrepreneurship & Innovations Management from University of Nairobi and a Bachelor of Commerce Degree from Kenyatta University. She is a Certified Public Accountant and a member of the Institute of Certified Public Accountants of Kenya. Susan has over 10 years’ experience in Reinsurance accounting having previously worked at Madison Insurance Company, Kenya before joining WAICA Re (Kenya) in July 2018.
Mr. Philip Wangili
Assistant Manager (Technical)
Mr. Philip Wangili is the Assistant Manager (Technical). He holds a Bachelor of Commerce Degree (Finance option) from Jomo Kenyatta University of Agriculture & Technology and a Diploma in Actuarial Science. He is currently undertaking a professional qualification with Chartered Insurance Institute of London (CII). Prior to joining WAICA Re (Kenya) in November 2018, he was the Head of Reinsurance at Allianz Insurance Co. of Kenya.
Ms. Lydia Murerwa
Assistant Manager (HR & Administration)
Lydia Murerwa is the Assistant Manager (HR & Administration). She holds a Bachelor of Arts Degree in Communication and Sociology from the University of Nairobi and a Diploma in Human Resource Management from the Kenya Institute of Management (KIM). Lydia has over 25 years’ experience having worked at East Africa Re as a Senior Office Administrator since 1994 before joining WAICA Reinsurance (Kenya) Ltd in January 2018 as the Head of Administration.