Sierra Leone President Julius Maada Bio on March 31 commissioned the permanent headquarters of West African Insurance Companies Association Reinsurance Corporation (WAICA Re) PLC at Hill Station, Freetown, in a milestone for West Africa’s insurance sector led by a Ghanaian at its helm.
President Bio described the commissioning as fulfilling a longstanding commitment stemming from the 2011 agreement that established WAICA Re in Sierra Leone and paved the way for the construction of its permanent headquarters.
The Ghana connection runs deep. Kofi Duffuor, Group CEO of Star Assurance Group in Ghana, was unanimously appointed by WAICA to chair the Board of the newly established WAICA Re in March 2011, a position he still holds. At the ceremony, Duffuor commended Sierra Leone, its parliament and citizens for hosting the institution and praised President Bio’s leadership in upholding regional agreements.
WAICA Re has established offices in Ghana, Nigeria, Côte d’Ivoire and Tunisia, complemented by fully operational subsidiaries in Kenya and Zimbabwe, with over 200 shareholders primarily drawn from insurance and reinsurance companies across Ghana, Nigeria, Liberia, Sierra Leone and The Gambia.
A $40 million regional head office for West Africa is currently under construction in Accra’s Airport Residential Area, with WAICA Re’s Group Chairman noting that the company believes in the economic growth and development of the countries where it operates.
Group Managing Director Biola Ekundayo expressed appreciation to Sierra Leone for its sustained support since 2011, describing the new headquarters as a symbol of the institution’s growth and long-term commitment to Africa.
“Sierra Leone is open for credible investment and honors its agreements; we welcome institutions that contribute to regional cooperation and economic resilience,” President Bio said.
WAICA Re’s annual premium income grew from $7 million in 2012 to $255 million by 2023, with an authorised share capital of $100 million.
