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WAICA Re grows premium by 21% to $70 million

WAICA Reinsurance Corporation (WAICA Re) has closed the 2019 financial year with a Gross Written Premium(GWP) of $70 million, which represents 21 percent growth compared to 2018 figures.

The reinsurance firm also achieved a profitability of $9.5 million, which represents a profit growth of 38 per cent, even as its total sssets remained strong at $137 million and a shareholders fund of $89 million.

Of all the classes of insurances it wrote, the accident class generates the highest net income for the group with over $4 million as at 2019 reporting year.

Speaking on the activities of the firm, Abiola Ekundayo, the group managing director, said, it has expanded across West Africa, East Africa, North Africa and Southern Africa, whilst writing reinsurance businesses from Africa and beyond.

The company, he added, has grown from a zero gross premium to $70M in 2019 and still continues to grow, saying, WAICA Re, have, during the period also submitted itself to credit rating with both AM Best and GCR Ltd, while currently having an AM Best FSR rating of B+(Good) and an ICR of bbb-, with stable outlook for the ratings.

On Covid-19 and its impact on insurance and reinsurance business, he said, WAICA Re’s operations have been limited in terms of physically connecting with its clients, due to the travel ban and restrictions, as well as social distancing and other preventative measures.

However, he stressed that technology has enabled the firm interact effectively with existing and potential clients virtually online, adding that, “we are also able to work 100 percent remotely from home (activated as part of our business continuity plans) and we are certain that these measures have forestalled any stiffening of our operations.”

To him, “At the core of WAICA Re are the people that drive the systems and processes. Our people are our strongest assets. In addition, the strong capital base, efficient ICT and the trust we have built over the years (as a reliable partner to our stakeholders) are what make WAICA Re strong.”

He re-assured all stakeholders that WAICA Re is positioned for continuous growth and improvements and that, it is ready to do more to ensure stakeholders are adequately covered and compensated.

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