WAICA Re acquires Colonnade Re, in $5,5 mln transaction

WAICA Re acquires Colonnade Re, in $5,5 mln transaction

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.