WAICA Reinsurance Corporation Plc, owned by the West African Insurance Companies Association (WAICA), is set to deepen its operations across the entire African continent, Asia and the Middle East.
The Managing Director and Chief Executive Officer of WAICA Re, Mr Abiola Ekundayo, told the Daily Graphic ahead of the company’s annual general meeting (AGM) in Accra today that WAICA would establish a contact office in Kenya next year to cater for East Africa and the other regions.
“We are growing tremendously, and growing our capital base with investors coming not only from our member countries but also from places such as East Africa. We are also expanding our presence in francophone African countries from the second quarter of this year”, he added.
AGM and financial performance
The AGM, which was initially scheduled to take place last year to adopt the 2013 accounts and financial statement of the company, was postponed due to the Ebola epidemic in Sierra Leone, where WAICA Re is headquartered.
The corporation’s articles of incorporation did not permit it to hold AGMs outside the jurisdiction of its host country, until the clause was amended at an extraordinary general meeting which now allows holding the AGM in other member countries possible.
The AGM would also table a motion for the West African Insurance Companies Association (WAICA) to have a golden seat on the board.
Expatiating, the managing director/CEO said important decisions would be taken at the AGM. These would include re-electing directors who are retiring by rotation, as well as electing new members onto the 10-member board.
The company grew its total assets from $6.33 million in 2011 to $56.06 million last year with the expectation of hitting $65.85 million by the end of this year.
Its gross premium also soared from $7.16 million in 2012 to $15.92 million in 2013 while profit before tax (PBT) went up from $374,169 in 2012 to a provisional figure of $4.09 million last year. That is also projected to cross the $6 million mark by the close of this year.
The company started operations with modest capital pooled from member companies and the public in July 2011. It later raised more capital to move it to $25 million in December 2013.
Corporate values
Mr Ekundayo who was joined in the interview by the Chief Finance Officer, Mr Samuel Jasper Baidoo, and the Ghana Country Manager, Mr Clement Owusu, explained that the core values of the corporation, which included professionalism and speed, “are carrying us higher. We don't want to be ordinary or average, we want to do it as it should be professionally done.”
He said the quick turn-around time for processing businesses had earned the company an enviable credibility that had helped it to attract businesses beyond Africa, from the Middle East and a few from Asia.
“Our intention is to become fully international and move outside West Africa. Currently, our diaspora funds are growing faster than what we obtain from Nigeria and Ghana and other West African Countries,” the WAICA Re team said.