Reinsurer Waica Re (Sierra Leone-based West African Insurance Companies Association) announced at a general meeting that it has established a group structure in view of its growth in recent years.
In 2018, the company obtained the authorization of the regulators to establish two subsidiaries in Kenya and Zimbabwe. “Waica Re Corporation Plc holds majority stakes in the two subsidiaries with investments of $ 10 million and $ 5 million respectively in Kenya and Zimbabwe,” said Abiola Ekundayo, Managing Director.
“This brings to three the number of subsidiaries created after the creation of WAICA Re Capital in 2015. These developments have necessitated the creation of a group structure and the employment of seasoned professionals to help build the company,” he said. -he adds.
To this end, the company plans to mobilize new resources to restructure its capital. “In accordance with the resolution of the Annual General Meeting to increase our issued capital to $ 100 million in six tranches, the Board recommends the issuance of additional capital of 10 million shares in 2019 at a price to be determined by our financial advisors “, says one. This capital increase will allow the company to insure larger companies, particularly in the oil and gas sectors, “and ensure a strong balance sheet that will make us more competitive in the reinsurance market,” according to the management. .
“The additional capital will also increase our working capital, allow us to strengthen our subsidiaries and increase our investment income. Proactively, we also plan to formally register our operations in Côte d’Ivoire and Nigeria within two to three years, transforming these centers into wholly-owned subsidiaries of WAICA Re, with all the privileges of an operator. national reinsurance company “.
The company, which has branches in Ghana, Côte d’Ivoire, Tunisia and Nigeria, reported revenue growth of 4%, from $ 55.8 million in 2017 to $ 58 million in 2018.
