WAICA Re holds AGM in Lagos
The West African Insurance Companies Association (WAICA) Re will hold its fifth yearly general meeting in Lagos, on July 23 and 24, 2018, as well as meet with board members to discuss the company’s goodwill.
In a notice made available to The Guardian, this will be the first time the reinsurance company will be holding its meetings in Nigeria.
WAICA Re had earlier this year, said it is looking at going beyond $100 million authorised share capital moving forward.
The Managing Director/ Chief Executive Officer, Ezekiel Abiola Ekundayo, said that when they were talking of $100 million, the company’s share was one dollar, but currently at $1.8, adding that by the time the additional share capital is raised, the authorised share capital of the reinsurer will be over $100 million in value.
On performance of the business, he said they have gone beyond Africa progressively, while noting that the company has been able to approach the business of reinsurance globally.
He added that the company has done very well in English speaking countries of West Africa, saying that the general business office has received approval in principle and will soon get its license from the regulator.
Ekundayo said the Kenyan subsidiary has paid a total of $10 millon as claims and in 2016, the company recorded 47 per cent growth in gross premium income from $33.5 million in 2015, to $49.2 million in 2016.
Also, Sierra Leone, according to him, recorded the highest level of growth of 153 per cent, followed by Liberia 60 per cent; The Gambia, 26 per cent; Ghana, 23 per cent; and Nigeria, eight per cent in 2016.
The French region grew by an impressive 205 per cent, while earnings from other overseas countries also grew by 80 per cent.
Nigeria and Ghana collectively contributing 48 per cent of the 2016 premium income, the Francophone and the Diaspora regions (comprising other African countries and some stable/selected countries in the Middle East and Asia) contributed 11 per cent and 37 per cent respectively to the gross premium income.
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