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.
