About Company
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 Authorised Share Capital of USD100 million and a paid-up Share Capital of approximately USD88 million.
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.
The vision of the company is “Develop and provide a diversified reinsurance capacity, to enhance economic and financial development in Africa and beyond”.
Our mission is to deliver unparalleled financial service through technology.
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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.
The core values of the company include:
WAICA Re ACT’s; A: Anticipate, C: Craft, T: timely, S: Solutions
WAICA Re 3A’s; Anticipate, Assess and Assure risk
WAICA Re 3C; Comprehend, Cover and Compensate