Ezekiel Abiola Ekundayo,MD/CEO WAICA Re
BY NKECHI NAECHE—-Top reinsurer, WAICA Reinsurance Corporation has announced that its board meeting and 5th Annual General Meeting (AGM) will hold on the 23rd of and 24th of July, 2018 respectively in Lagos, Nigeria.
This is contained in s notice made available to BusinessToday Online that this will be the first time the reinsurance giant will be holding its meetings in Nigeria.
WAICA Re had early this year said its looking at going beyond 100million dollars authorized share capital moving forward.
According to the Managing Director/ CEO, Ezekiel Abiola Ekundayo that when they were talking of 100million dollar, the company’s share was one share to one dollar but currently the company share to one dollar stands at $1.8, adding that by the time the additional share capital is raised, the authorized share capital of the reinsurer will be over 100million dollars 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 West Africa English speaking countries.
On its subsidiary in Kenya, he said the general business office has gotten approval in principle and will soon get its license from the regulator.
On claims payment he said the Kenya subsidiary has paid a total of 10millon dollars as claims.
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.
Sierra Leone recorded the highest level of growth of 153 per cent, followed by Liberia 60 per cent, then 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.
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.