WAICA Reinsurance Corporation (WAICA Re) has launched AFIN Bank UK Limited, a wholly owned subsidiary in the United Kingdom.
The move is part of WAICA Re’s strategy to strengthen financial ties between Africa and international markets, with an initial capital of £23.5 million.
WAICA Re said that AFIN, which stands for “Africa Affinity,” reflects its commitment to connecting African expertise with global financial ecosystems.
In a report from The BFT Online, group chairman Kofi Duffuor (pictured above) announced the bank’s launch in London also represents “our ambitious five-year plan aims to nearly triple the capital base to £62 million, underscoring our confidence in AFIN Bank’s potential and our long-term vision for its success,”
He said that the expansion aligns with WAICA Re’s long-term vision and builds on its reputation as a resilient financial institution in West Africa.
WAICA Re, founded in 2011 and headquartered in Sierra Leone, was established by the West African Insurance Companies Association. Today, it has over 200 shareholders, primarily insurance and reinsurance companies, operating across Ghana, Nigeria, Liberia, Sierra Leone, and The Gambia.
WAICA Re has also extended its reach across Africa with offices in Ghana, Nigeria, Côte d’Ivoire, and Tunisia, and fully independent subsidiaries in Kenya and Zimbabwe. Beyond Africa, WAICA Re has also established operations in the United Arab Emirates, creating a bridge between African and Middle Eastern markets.
Since its inception in 2012, WAICA Re has reported significant growth. According to Duffuor, the company’s annual premium income rose from $7 million in 2012 to $255 million in 2023.
“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,” Duffuor said. “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 marketplace.”
The company’s authorized share capital stands at US$100 million, with a paid-up share capital of US$88 million. In its initial rating by AM Best, WAICA Re received a B+ rating with a positive outlook, recognizing its financial strength.
While the rating was adjusted to B in 2022 due to regional economic challenges in West Africa, Duffuor expressed confidence in the company’s ability to navigate these conditions and maintain operational resilience.
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