WAICA Re, the bourgeoning sub-Sahara reinsurer, recorded $70m Gross Written Premium (GWP) for 2019 operations, a 21% leap compared to 2018 performance.
Its profit was $9.5m registering 38% growth; the total asset of the firm closed at $137m with $89m as shareholders fund.
The top cession for the firm was accident class with over $4m, according to the managing director, Abiola Ekundato, the firm has earned acceptance across west, east, north, and south Africa and selected regions outside Africa.
To enhance its expansion within and outside the continent, it was rated by both AM Best FSR rating of B+(good) and ICR of bbb-, with stable outlook for the ratings.
Emboldened by the human resources that has earned the credit ratings, he said; “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 said the firm is focused on continuous growth and improvement and was ready to ensure stakeholders are adequately covered and compensated.
On Covid-19 and its impact on insurance and reinsurance business, he said though physical contact with client has been limited, due to travel ban and preventive measures, technology has come to the rescue with virtual online interaction with existing and potential clients.
“We are also able to work 100% remotely from house (activated as part of our business continuity plans) and we are certain that these measures have forestalled and stiffening of our operations,” he said.
