By Insurance24
HARARE, West Africa reinsurance Giant –WAICA Reinsurance corporation Plc has acquired a local reinsurance company Colonnade Re through a US$5,5 million investment confirming confidence in the Zimbabwe market.
Rebranding colonnade RE to WAICA RE Zimbabwe last night WAICA group chairman Kofi Duffuor said the acquisition of Colonnade Re represents key milestone in delivering WAICA Res strategic plan and major step ford in WAICA res ambition to build a leading reinsurance company in Zimbabwe and the broader southern African sub region.
“Our entering into Zimbabwean market is a reflection of the confidence we have in this great nation. That is why our group did
not need much convincing to decide to venture into Zimababwe. The move further improves WAICA Re’s profiles and international financial
security Services Company,” he said.
WAICA RE is a sub-regional reinsurance group headquartered in west Africa and was created by players in the insurance industry in Anglophone west Africa, namely Ghana, Liberia, Nigeria Gambia and sierra Leone under the auspices of the west Africa reinsurance
companies association.
The company has fully met the new minimum capital requirements by means of liquid funds making the company ready to meet its obligations.
WAICA Re Zimbabwe MD Julious Nenzou
WAICA re Zimbabwe Managing Director Julius Nenzou in his remarks said WIACA Re Zimbabwe will belong to associations that stand for good of the insurance industry and will work with IIZ ,ICZ and ZARO.
“They decided to come into Zimbabwe even through the country is experienced economic challenges. They are seeing a silver lining at the end of the tunnel. WAICA Re Zimbabwe is he to stay and to interact will all stakeholders in the insurance industry to help increase re insurance capacity in the market.
WAICA RE Zimbabwe comes in as a rated insurer, a well-known trainer and as part of family that as now spread its tentacles all over Africa” he said.
WWAICA re has achieved phenomenal growth since it began underwriting in 2012 achieving u$62,1 MILLION Gross Premium Written (GPW), a US$8 Million Profit Before Tax, US$120 million total assets and US$84 million in shareholders’ funds.
