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WAICA Re seeks strengthen ties between Africa and International markets
Staff Writer
WAICA Reinsurance Corporation Plc (WAICA Re) has established AFIN Bank UK Limited, a wholly owned subsidiary in the United Kingdom, a strategic move that marks a significant step in WAICA Re’s mission to strengthen financial ties between Africa and international markets.
AFIN, short for “Africa Affinity,” embodies WAICA Re’s deep-rooted connection to the African continent while signalling its global ambitions. Launching with a robust initial capital of £23.5 million, AFIN Bank UK Limited demonstrates a strong financial foundation and unwavering commitment to this venture.
Speaking in London on establishment the bank,WAICA Re Group Chairman Kofi Duffuor said the groups’ ambitious five-year plan aims to nearly triple the capital base to £62 million, underscoring its confidence in AFIN Bank’s potential and our long-term vision for its success.
Duffuor added that this expansion builds upon WAICA Re’s established reputation as a beacon of financial resilience in the West African insurance Sub- region.
Founded in 2011 and headquartered in Sierra Leone, WAICA Re emerged from the visionary efforts of the West African Insurance Companies Association.
“Today, we represent over 200 shareholders, primarily insurance and reinsurance companies, across Ghana, Nigeria, Liberia, Sierra Leone, and The Gambia.
“Our growth story reflects our continued commitment to providing top-notch reinsurance and other financial services, our ability to adapt to changing market dynamics, and our unwavering focus on creating value for our stakeholders.
“This growth trajectory sets the stage for even greater achievements in the years to come, as we continue to expand our reach and deepen our impact in the global reinsurance and broader financial market place,” Duffuor said.
WAICA Re has established a strong presence across Africa with offices in Ghana, Nigeria, Côte d’Ivoire, and Tunisia, complemented by fully operational and independent subsidiaries in Kenya and Zimbabwe.
In extending WAICA Re’s reach beyond Africa, the company has also set up shop in the United Arab Emirates, bridging the gap between African and Middle Eastern markets.
In just over a decade, WAICA Re, the parent company of AFIN Bank, has achieved remarkable growth that speaks volumes about its strategic vision and operational excellence.
Duffuor said when the company started its journey in 2012, its annual premium income stood at a modest US$57 million with the figure having skyrocketed US$255 million in 2023.
With an authorized share capital of USD 100 million and a paid-up share capital of approximately USD 88 million, WAICA Re has consistently sought external validation of its financial strength.
The company’s initial assessment by AM Best, a globally respected rating agency, secured a B-rating with a positive outlook, reflecting WAICA Re’s solid financial foundation and growth potential.
While a subsequent adjustment to B in 2022 acknowledged broader economic challenges the States WAICA Re operates in, within the West African region were grappling with, this has not diminished the company’s robust operational framework or its commitment to financial excellence.
“We view this adjustment as an opportunity to further strengthen our position and demonstrate our resilience in navigating complex market conditions,” Duffuor said .
The establishment of AFIN Bank UK Limited is a comerstone of WAICA Re’s forward-thinking investment strategy, designed to enhance the strength of its balance sheet, diversify its portfolio, and shield its operations from regional economic volatilities and negative currency activity.
By bridging African expertise with the UK’s renowned financial ecosystem, AFIN Bank UK Limited is poised to offer unique value to its clients and partners. This strategic move does not only enhance WAICA Re’s global presence but also reinforces its capability to serve diverse financial needs across continents.
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Restoration of Confidence – Getting the Fundamentals Right II!
Gandy Gandidzanwa & Itai Mukadira
We asserted, in Part I of this two-part thought-piece, that the pension fund industry finds itself at a cross-road. That the options are many, though the right ones are few – and while they are known, they are unpopular. They require some painful sacrifices. They are no populist choices…. Let’s dig in … Restoration of Confidence – Getting the Fundamentals Right II
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Old Mutual Zimbabwe terminates Pensions Plus product
Staff Writer
Old Mutual Zimbabwe has advised the termination of the Pensions Plus product saying the product has ceased to be on offer effective 31 December 2024.
In a notice to pensioners who acquired the product, Old Mutual Zimbabwe said regulatory approval was sought and granted for this change to be put into effect.
“Old Mutual Zimbabwe wishes to advise its valued pensioners who acquired a Pensions Plus pension from Old Mutual Zimbabwe of changes that are taking place relating to this pension product.
“The change has been necessitated to allow pensioners to participate in an Income Draw Down arrangement which offers the flexibility that is needed in the prevailing economic conditions.
“As such we need to inform you of the benefits of this change and to offer you the option to convert to the income Draw Down arrangement or else to continue under the Pension Plus arrangement,” reads the notice.
Old Mutual says all pensioners in receipt of a Pension Plus pension will receive emails containing personalized letters with more information on the benefits of this change, and forms which they must complete and return to by 31 December 2024.
“For those who do not have email addresses or those who do not receive an email from us by 20 November 2024, you may approach Old Mutual and CABS branches countrywide where you will be provided with the documents and if need be, assisted in completing the forms If you require any further clarity,” the statement reads further.
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Chinyuku elected IIZ president, calls for industry and value chain collaboration
Staff Writer
Waica re Zimbabwe Manager-Life Clementine Chinyuku has been elected the Insurance Institute of Zimbabwe (IIZ) president, taking over from Tatenda Katoma.
In her acceptance speech at the recently held conference, Chinyuku said more work needs to be done to bring insurance to the people but also relevant and meaningful products.
“Increasing insurance awareness can help demystify our industry and build stronger relationships with the industry we serve.
“This calls for the entire insurance industry and value chain to collaborate and deliver appropriate sustainable solutions to the insuring public,” she said.
Chinyuku said the insurance landscape is evolving, driven by technological advancements and shifting consumer expectations.
“We must adapt to stay relevant. As your president, I am committed to fostering a culture of innovation within our institute. We will actively explore emerging technologies such as artificial intelligence, big data, and blockchain to enhance our offerings and improve customer experiences,” she said.
She said she will also prioritise developing educational programs that equip members with the necessary skills to navigate these changes confidently, and together they will cultivate an environment that encourages creativity and embraces new ideas.
Chinyuku highlighted that the roles of insurance professionals extend beyond office work, but it is also their responsibility to engage with the public and advocate for the importance of insurance in safeguarding our various businesses and livelihoods.
“I envision an institute focusing on professional development and actively participating in industry outreach programs to address the low levels of financial literacy,” she said.
She noted that IIZ will launch initiatives to recruit under-represented groups into the field and provide mentorship opportunities to nurture future leaders, creating an inclusive culture that values different perspectives and experiences.
Chinyuku emphasised the importance of collaboration and value-creating partnerships within the insurance industry and with other organisations, regulators, and stakeholders in the insurance ecosystem.
“By working together, we can address the challenges being faced by our industry more effectively and create a stronger, more resilient future,” she said.
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Restoration of Confidence – Getting the Fundamentals Right!
By GANDY GANDIDZANWA & ITAI MUKADIRA
The old adage, “no pain, no gain” is as honestly brutal as it is stubbornly unsettling. Many acknowledge it, while only a few embrace it – and our pension fund industry is no exception.
The old adage, “no pain, no gain” is as honestly brutal as it is stubbornly unsettling. Many acknowledge it, while only a few embrace it – and our pension fund industry is no exception. For twenty-five years now the abnormal macro-economic environment has been given, understandably so, as the reason for the industry’s perennial underperformance. While the role of the economic environment can never be disputed, it is disingenuous to
blame it solely. No doubt, it is “the elephant in the room”, as many dub it.
However, just as it is in the wild, elephants do not exist by themselves. It is time the industry introspects and identifies the hippos, the sharks, the buffalos, the rhinos, the bisons, the anacondas, and such others, that are in
the room too. continue reading…Restoration of Confidence – Getting the Fundamentals Right I
Monday, Dec 9, 2024
