Staff writer
WAICA Re Zimbabwe has joined the representative body for all life insurance companies in Zimbabwe, the Life Offices Association.
As a leading reinsurer, Waica Re is expected to bring valuable expertise and insights to the life assurance community, increasing capacity and the pool of reliable securities available to the industry.
The development comes as the company has now established WAICA Re Life and Health, a specialised unit dedicated and committed to addressing reassurance needs.
Since it’s inception, WAICA Re has been focussing on the short-term reinsurance business, but with a composite license issued by IPEC, the industry regulator WAICA is set to diversify to include the life and health business.
“We are excited to announce that Waica Re is now a member of the Life Offices Association of Zimbabwe. As a leading reinsurance company, Waica Re brings valuable expertise and insights to our community. We look forward to collaborating and strengthening the life insurance sector together,” LOA said, welcoming Waica Re.
WAICA Re Life and Health is now in the market, providing flexible, customised risk transfer solutions alongside traditional group risk, group credit, individual risk, funeral, and health (medical) coverage in response to evolving customer needs and the unique business environment.
Having put together a strong team of underwriters who are well-versed with the landscape and conditions of the African Life Insurance market and have over 20 years of experience in life underwriting. WAICA Re Life has its underwriting services covering risks on a treaty and facultative basis.
Understanding the importance of flexibility in determining free cover limits that are a major competitive edge for direct life insurers, WAICA Re is ready to offer competitive limits.
“We can provide capacity for life business on a proportional basis through surplus or quota share arrangements or non-proportional arrangements for optimal reinsurance solutions. We can provide capacity for traditional risks, specialised risks, and emerging risks peculiar to the African environment, said Waica Re in a communiqué seen by Insurance 24.
WAICA Re Zimbabwe (Pvt) Limited is a wholly owned subsidiary of WAICA Reinsurance Corporation PLC (WAICA Re PLC), a pan-African reinsurer headquartered in Freetown, Sierra Leone, with offices in Nigeria, Kenya, Ivory Coast, Dubai, Tunisia, Ghana, and Zimbabwe. WAICA Re PLC has a strong balance sheet and paid-up capital of USD88 million.
WAICA Re PLC acquired the former Colonnade Re in December 2018 and rebranded the company to WAICA Re Zimbabwe Private Limited. In pursuit of the group’s strategic objectives for growth and diversification, WAICA Re Zimbabwe obtained a composite license in 2024. As a result, the company is now offering life and health reinsurance to the African market.
