Insurance World

West African Insurance Institute Inducts WAICA Re GMD As Fellow

L-R: Abiola Ekundayo and Hon Minister of Finance, The Gambia, Hon Njie.

PRESS RELEASE—-The Group Managing Director, West African Reinsurance Corporation(WAICA Re), Abiola Ekundayo, has been inducted as a Fellow of the West African Insurance Institute.

The investiture, which took place at the 2019 Graduation ceremony of the Institute  in Banjul, Gambia, at the weekend, was in recognition of Mr. Ekundayo’s leadership role in growing WAICA Re to its present status as well as its contribution to insurance growth and development of insurance in, especially, west African countries.

Ekundayo started his insurance career in 1984 with a brokerage firm and later moved to WAPIC Insurance Company Limited, before joining Globe Reinsurance Plc in December 1989. He was appointed Executive Director in 2000 and was later confirmed as the Deputy Managing Director in 2001. In 2007, he became the Managing Director/CEO of the company.

His experience as insurance practitioner covers large areas of the profession including brokerage, marketing, underwriting, reinsurance, investment and risk management. He piloted the company to the Francophone countries in the West Coast thus making Globe Re the first Nigerian Reinsurance Company to do business with the Francophone world, being a bilingual Executive.

He has varied and a broad spectrum experience in executive management and technical educational fields having attended courses, both locally and internationally. These include leading the team course at Lagos Business School, Reinsurance Strategic Management at the prestigious Wit Business School, University of Witwatersrand, Johannesburg, South Africa and Managing People Effectively at D & B Business Training Services, London.

He graduated from the Lagos State Polytechnic where he studied Insurance and holds a Masters Degree in Business Administration (MBA) from Lagos State University, he is a fellow of both Chartered Insurance Institute London (with specialization in reinsurance) and Chartered Institute of Marketing of Nigeria.

WAICA Reinsurance Corporation Plc is a public limited liability company incorporated under the laws of Sierra Leone (Companies Act 2009) on 7th March 2011.

In the years following the creation of West African Insurance Companies Association (WAICA) in 1973, the founding fathers had the desire to establish a reinsurance organisation to help mitigate the effects of the lack of reinsurance capacity within the West African insurance industry.

To fulfill this ambition, the founding fathers considered it prudent to start off by creating a reinsurance pool which hopefully will someday metamorphose into a fully fledged reinsurance corporation.

 Today, the WAICA Reinsurance Pool has turned into WAICA Reinsurance Corporation Plc, a dream come true.


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