WAICA Reinsurance Corporation PLC: The US$260 Million West African Champion With a B Rating, a Ghanaian Chairman, and a Pan-African Vision

Founded by the collective of West African insurers, chaired by Ghana‘s Kofi Duffuor (Group CEO of Star Assurance), and led by a pioneering Nigerian MD/CEO who grew premium from $7millionto$255 million, this Freetown-headquartered reinsurer has defied the odds of operating from one of Africa’s smallest economies. With a B (Fair) rating from AM Best (revised to Stable in 2025), subsidiaries in Kenya and Zimbabwe, and a US$40 million headquarters rising in Accra, WAICA Re is the most successful institutional example of West African integration—and a compelling case study in patient, regional capital.

Executive Introduction

In the landscape of African reinsurance, the market is dominated by a few familiar giants: Africa Re (the pan-African leader), Continental Re, and the local champions like Ghana Re. Yet there exists a unique institution that operates outside this typology—owned not by governments or private equity, but by the collective of West African insurance companies themselves. That institution is the West African Insurance Companies Association Reinsurance Corporation (WAICA Re) PLC.

Headquartered in Freetown, Sierra Leone, WAICA Re was incorporated in March 2011 and commenced operations in January 2012 . Its mandate was simple but ambitious: to provide reinsurance capacity to the West African market, retain premiums within the region, and build underwriting expertise owned by the industry, for the industry.

The results have gone beyond all expectations. From humble beginnings, WAICA Re has grown its annual premium income from $7 million in 2012 to $255 million by 2023. It now operates in more than 90 countries, with a consolidated balance sheet topping US$260 million. The company has set up offices in Ghana, Nigeria, Côte d’Ivoire, and Tunisia, along with fully operational subsidiaries in Kenya and Zimbabwe. It boasts over 200 shareholders, mainly from insurance and reinsurance firms across Ghana, Nigeria, Liberia, Sierra Leone, and The Gambia.

At the helm of WAICA Re is a Ghanaian titan of the industry. Mr. Kofi Duffuor, the Group CEO of Star Assurance Group (Ghana‘s second-largest non-life insurer), was unanimously appointed by WAICA to chair the Board of the newly established WAICA Re in March 2011—a position he still holds . He is a Chartered Insurer and Fellow of the Chartered Insurance Institute (FCII, UK), a Fellow of the Chartered Insurance Institute of Ghana (FCIIG), and has over 30 years of experience . Under his chairmanship, WAICA Re has grown from zero to a US$260 million balance sheet and has won international validation: in 2025, AM Best revised the outlook for WAICA Re‘s Long-Term Issuer Credit Rating to Stable from Negative, affirming its Financial Strength Rating of B (Fair) and ICR of “bb+” (Fair) .

For corporate insurance professionals, risk managers, and investors, WAICA Re represents a case study in regional integration done right. It is not a supranational institution (like Africa Re) funded by treaty obligations; it is a commercially run, profit-oriented reinsurer that happens to be owned by the industry it serves. Its shareholders are its customers—a governance model that aligns incentives in ways that purely private or state-owned reinsurers cannot replicate.

This profile examines WAICA Re‘s 2011 founding, its growth trajectory from $7millionto$255 million, the leadership of Chairman Kofi Duffuor and Group MD/CEO Ezekiel Abiola Ekundayo, its AM Best B (Fair) rating with Stable Outlook, its pan-African expansion (including the Ghana headquarters under construction), and the critical question: Can a reinsurer rooted in West Africa‘s fragmented markets successfully compete with global giants while maintaining the trust of its shareholder-customers?

Company Overview

The WAICA Re Structure: Owned by the Industry

WAICA Re is a unique institutional creation. It is the reinsurance arm of the West African Insurance Companies Association (WAICA) , the umbrella body of insurance companies in the West African sub-region. Unlike Africa Re, which is owned by African governments and central banks, WAICA Re is owned by the insurance companies themselves . Over 200 shareholders are drawn primarily from Ghana, Nigeria, Liberia, Sierra Leone, and The Gambia .

Governance Structure:

The Board of Directors comprises ten members of high repute in the Insurance/Reinsurance, Banking, and Oil/Energy Industries, ensuring strong corporate governance .

Founding and Incorporation (2011-2012)

WAICA Re was incorporated in March 2011 and commenced business in January 2012 . It was established by WAICA to meet the growing demand for reinsurance capacity in the West African sub-region and to retain the premiums that were flowing out to non-African reinsurers.

The Freetown Headquarters:

The choice of Sierra Leone as the headquarters was deliberate. It reflected WAICA‘s pan-West African mandate and the desire to spread economic activity beyond the dominant markets of Nigeria and Ghana. In March 2026, Sierra Leone‘s President Julius Maada Bio officially commissioned the permanent headquarters of WAICA Re at Hill Station, Freetown . President Bio described the commissioning as fulfilling a longstanding commitment stemming from the 2011 agreement that established WAICA Re in Sierra Leone .

WAICA Re in Ghana: A US$40 Million Investment

Ghana features prominently in WAICA Re‘s expansion strategy. The corporation is constructing a US$40 million regional head office for West Africa in Accra‘s prestigious Airport Residential Area . This represents a significant vote of confidence in Ghana‘s stability and its role as a regional financial hub.

WAICA Re Capital, Ghana:

The group also operates WAICA Re Capital, Ghana, led by CEO Mr. Haruna Gariba . This subsidiary focuses on the Ghanaian market and the broader West African region.

Leadership: Kofi Duffuor (Board Chairman) and Ezekiel Ekundayo (Group MD/CEO)

Chairman: Kofi Duffuor (Ghana)

Kofi Duffuor is one of the most accomplished insurance executives in Ghana‘s history. He is the Group Chief Executive Officer of Star Assurance Group . Prior to this, he was the Managing Director of the Group‘s General Insurance Subsidiary – Star Assurance Co. Ltd. He was instrumental in Star Assurance‘s restructuring in 1996, moving the company from “almost the bottom of the league“ to become the third largest non-life insurance company in Ghana class=””> .

In March 2011, Duffuor was unanimously appointed by WAICA to chair the Board of the newly established WAICA Re—a position he still holds . The Board currently oversees a balance sheet of over US$260 million as a result of his business acumen and leadership skills .

Credentials:

Industry Recognition:

• Best CEO of the Year 2018 – General Insurance Category (CEOS Network Ghana)

• Ghana Business Leaders Excellence GOLD Award

Group Managing Director/CEO: Ezekiel Abiola Ekundayo

Ezekiel Abiola Ekundayo is the Pioneer MD/CEO of WAICA Re, having joined in July 2011 . He built the corporation “from the zero level“ and grew it to become one of the fastest-growing leading reinsurance companies in Africa today .

Career Highlights:

At Globe Re, he piloted the company to the Francophone countries on the West African Coast, making Globe Re the first Nigerian Reinsurance company to do business with the Francophone world .

Credentials:

Ekundayo is bilingual (English and French), a rarity in the Anglophone West African insurance industry, and has been instrumental in WAICA Re‘s expansion into Francophone markets (Côte d‘Ivoire, Tunisia) .

The WAICA Re in Ghana Connection: Dr. Abiba Zakariah

Dr. Abiba Zakariah, the current Acting Commissioner of Insurance at the National Insurance Commission (appointed February 2025), previously served as Chief Operating Officer of WAICA Re Corporation, a position she resigned from in 2024 . She is a Chartered Insurer and a Fellow of the Chartered Insurance Institute of the United Kingdom .

Other Key Board Members

Operations and Footprint

Headquarters:
WAICA Re is headquartered in Freetown, Sierra Leone, with its permanent headquarters commissioned in March 2026 .

WAICA Re in Ghana:

Subsidiaries and Offices:

Shareholder Base:

Over 200 shareholders, drawn primarily from insurance and reinsurance companies across:

• Ghana

• Nigeria

• Liberia

• Sierra Leone

• The Gambia

Operations in Over 90 Countries:

WAICA Re writes business in more than 90 countries . Its underwriting portfolio is relatively diversified, albeit with a moderate concentration of insurance revenue in West Africa .

The AM Best Rating: B (Fair) With Stable Outlook

On April 28, 2025, AM Best revised the outlook of WAICA Re‘s Long-Term Issuer Credit Rating to Stable from Negative and affirmed the Financial Strength Rating of B (Fair) and the Long-Term ICR of “bb+” (Fair) .

What B (Fair) Means

A B (Fair) rating indicates that an insurance company has a fair financial strength relative to the standards of the industry. While the company can meet its ongoing insurance obligations, it is more susceptible to adverse economic or underwriting conditions than higher-rated companies. However, the revision of the outlook to Stable is a significant positive signal.

AM Best‘s Assessment

Key Drivers of the Rating Affirmation:

1. Balance Sheet Strength (Strong)
WAICA Re‘s risk-adjusted capitalisation was at the strongest level at year-end 2023, as measured by Best‘s Capital Adequacy Ratio (BCAR), supported by a capital injection and healthy internal capital generation . Additionally, the company‘s investment risk reduced in 2023, driven by moderate investments made in bonds of excellent credit quality . The agreement in principle reached with Ghana‘s external creditors in June 2024 also helped stabilise the investment environment .

2. Operating Performance (Strong)
AM Best views WAICA Re‘s operating performance as strong, noting that it has reported robust return-on-equity (ROE) ratios in recent years, which have significantly exceeded benchmark interest rates in the markets where it operates . Earnings are underpinned by a solid and stable technical performance, benefitting from its predominantly facultative portfolio .

3. Business Profile (Limited)
The organisation‘s business profile benefits from a relatively diversified underwriting portfolio, albeit with a moderate concentration of insurance revenue in West Africa. The company reported insurance revenue of USD 255.7 million on a consolidated basis in 2023 .

Comparison to Ghana Re

WAICA Re is rated one full notch higher than Ghana Re by AM Best . This is a significant competitive advantage when both companies bid for the same reinsurance treaties.

The Importance of the Outlook Revision (2025)

The revision of the outlook to Stable from Negative is a turning point. It signals that AM Best no longer expects the rating to be downgraded and believes WAICA Re has stabilised its balance sheet fundamentals. This followed:

• A capital injection in 2023

• Healthy internal capital generation

• Reduction in investment risk (Ghanaian debt exposure)

• Agreement on Ghana‘s external debt restructuring

Business Model: The Pan-African Reinsurance Specialist

WAICA Re is a composite reinsurer, writing both life and non-life business across more than 90 countries .

Core Business: Reinsurance

WAICA Re provides reinsurance protection to insurance companies (cedents) across Africa and globally. Its product portfolio includes :

• Bond Insurance

• Engineering Insurance

• Fire and Allied Perils

• Marine Cargo/Hull

• General Accident

• Motor Insurance

• Liability Products

The Facultative Advantage

AM Best notes that WAICA Re‘s earnings are underpinned by a solid and stable technical performance, benefitting from its predominantly facultative portfolio . Facultative reinsurance involves evaluating individual risks rather than accepting entire portfolios (treaty reinsurance). This allows WAICA Re to maintain strict underwriting discipline and avoid systemic accumulations of risk.

Revenue Growth Trajectory

This represents a compound annual growth rate (CAGR) of approximately 38% over 11 years—extraordinary for a reinsurer operating in volatile African markets .

Investment Strategy

WAICA Re‘s investment risk reduced in 2023, driven by moderate investments made in bonds of excellent credit quality . The company also took a significant impairment on its holdings of Ghanaian external debt, which was in default, but an agreement in principle was reached with Ghana‘s external creditors in June 2024 .

Revenue Model

WAICA Re generates revenue from:

1. Reinsurance Premiums: The primary driver (USD 255.7 million in 2023)

2. Investment Income: Returns on the “float“ (premiums held between collection and claims payment)

3. Retrocession Commissions: Income from retrocessionaires (reinsurers of reinsurers)

Value-Added Services

Beyond underwriting, WAICA Re provides :

• Risk management analysis

• Portfolio management

• New product development

• Claims adjustment services

• Risk rating

• Training services (in partnership with WAICA and the West African Insurance Institute)

The Ghana Connection: A Hub for West African Reinsurance

While WAICA Re is headquartered in Freetown, Ghana is arguably its most important operational hub outside of Sierra Leone.

WAICA Re Capital, Ghana

WAICA Re Capital, Ghana, is a fully operational subsidiary led by CEO Mr. Haruna Gariba . The subsidiary focuses on the Ghanaian reinsurance market, serving local insurance companies.

The US$40 Million Regional Headquarters

WAICA Re is constructing a US$40 million regional head office for West Africa in Accra‘s Airport Residential Area . This building will serve as the command centre for WAICA Re‘s West African operations and is a significant foreign direct investment into Ghana‘s financial services infrastructure.

Star Assurance Group Connection

Chairman Kofi Duffuor is the Group CEO of Star Assurance Group, Ghana‘s second-largest non-life insurer . This provides WAICA Re with deep insights into the Ghanaian market and strong relationships with local cedents.

Dr. Abiba Zakariah (Former COO)

The current Acting Commissioner of Insurance (National Insurance Commission), Dr. Abiba Zakariah, served as Chief Operating Officer of WAICA Re before resigning in 2024 . Her deep understanding of WAICA Re‘s operations from her time as COO may influence regulatory oversight, but it also demonstrates that WAICA Re produces talent that ascends to the highest regulatory positions in the region.

WAICA‘s Secretariat in Ghana

The West African Insurance Companies Association (WAICA) itself maintains close ties to Ghana. The association‘s activities, including training and conferences, are frequently held in Accra due to its central location and business-friendly environment.

Training Centre

WAICA operates a WAICA Training Centre, which collaborates with the West African Insurance Institute (The Gambia) and the Ghana Insurance College to build capacity in the region. WAICA Re, as the association‘s reinsurance arm, supports these training initiatives.

WAICA Re‘s Pan-African Expansion Strategy

WAICA Re has successfully expanded beyond its West African core.

East Africa: Kenya Subsidiary

WAICA Re has a fully operational subsidiary in Kenya, giving it a foothold in the East African Community (EAC) market. Kenya is a regional financial hub, and the subsidiary allows WAICA Re to serve insurance companies in Uganda, Tanzania, Rwanda, and South Sudan.

Southern Africa: Zimbabwe Subsidiary

The company also operates a subsidiary in Zimbabwe, extending its reach into Southern Africa.

North Africa: Tunisia Office

The office in Tunisia gives WAICA Re access to North African markets, including Algeria, Libya, Morocco, and Egypt.

Francophone West Africa: Côte d‘Ivoire Office

The office in Côte d‘Ivoire allows WAICA Re to serve the Francophone WAEMU (UEMOA) market.

The “Over 90 Countries“ Claim

WAICA Re writes business in more than 90 countries globally . This is achieved through retrocession relationships and selective underwriting of risks outside Africa (e.g., for African multinationals with operations in Europe, Asia, or the Americas).

WAICA Re vs. Ghana Re: A Tale of Two Reinsurers

Since the prompt specifically requested a comparison with Ghana Re (which was profiled in the previous turn), a direct comparison is warranted.

Key Takeaways:

• WAICA Re is rated higher than Ghana Re (B vs C++).

• WAICA Re‘s operating performance is rated Strong vs Ghana Re‘s Adequate.

• WAICA Re‘s risk management is rated Marginal vs Ghana Re‘s Weak.

• WAICA Re is owned by the industry, while Ghana Re is state-owned. This distinction affects governance, agility, and customer perception.

• WAICA Re has a stronger geographic presence in East and Southern Africa (Kenya, Zimbabwe subsidiaries).

• Ghana Re has a stronger presence in North Africa (Morocco office).

The 2025-2026 Developments: A Turning Point

Several recent developments have positioned WAICA Re for its next phase of growth.

1. AM Best Outlook Revision (April 2025)

The revision of the Long-Term ICR outlook to Stable from Negative was the most significant external validation of WAICA Re‘s financial health . It signalled that the rating agency believes WAICA Re has addressed its balance sheet weaknesses (specifically, exposure to Ghanaian sovereign debt) and is on a stable trajectory.

2. Commissioning of Freetown Headquarters (March 2026)

The official commissioning of the permanent headquarters in Freetown by Sierra Leone‘s President was a milestone event . It demonstrated the host government‘s support and WAICA Re‘s long-term commitment to the country.

3. Progress on the Accra Headquarters

The US$40 million regional headquarters under construction in Airport Residential Area, Accra, represents WAICA Re‘s single largest investment in Ghana. Once completed, it will serve as the command centre for West African operations.

4. Dr. Abiba Zakariah‘s Appointment as Insurance Commissioner (February 2025)

Dr. Zakariah, a former WAICA Re COO, was appointed Acting Commissioner of Insurance . While she is a regulator, her deep understanding of WAICA Re‘s operations may facilitate smoother regulatory engagement, though ethical boundaries will be strictly observed.

5. Continued Expansion of WAICA Re Capital, Ghana

Under CEO Haruna Gariba, WAICA Re Capital, Ghana, continues to grow its market share in the Ghanaian reinsurance market .

Economic and Industry Impact

Retaining Premiums Within Africa

One of WAICA Re‘s core mandates is to retain reinsurance premiums within West Africa. By providing local capacity, it reduces the outflow of foreign exchange to reinsurers in London, Munich, Zurich, and Bermuda.

Building Local Underwriting Expertise

Through its training programmes and collaboration with the West African Insurance Institute and Ghana Insurance College, WAICA Re contributes to building technical underwriting capacity in the region.

Supporting Regional Integration

WAICA Re is a concrete example of successful West African integration. It is owned by insurers across the region, headquartered in Sierra Leone, invests heavily in Ghana, and serves markets from Senegal to Cameroon.

Employment and Skills Development

WAICA Re directly employs professionals across its offices in Sierra Leone, Ghana, Nigeria, Côte d‘Ivoire, Tunisia, Kenya, and Zimbabwe. The construction of the US$40 million Accra headquarters creates jobs in the Ghanaian construction sector.

Competition and Consumer Choice

WAICA Re‘s presence provides competition to state-owned reinsurers (like Ghana Re) and international giants. This competition benefits African insurance companies (cedents) through better pricing, terms, and service.

Challenges and Risks

No analysis of WAICA Re is complete without acknowledging the headwinds it faces.

Risk 1: Concentration in West Africa (Business Profile)

AM Best assesses WAICA Re‘s business profile as Limited . While the company has expanded to Kenya and Zimbabwe, the majority of its revenue remains concentrated in West Africa, which is exposed to political instability, currency volatility, and economic shocks.

Risk 2: Marginal Enterprise Risk Management

AM Best views WAICA Re‘s enterprise risk management as Marginal—a step above Ghana Re‘s Weak assessment, but still a concern . The company‘s risk management framework is still evolving.

Risk 3: Sovereign Risk Exposure

WAICA Re was exposed to Ghana‘s sovereign debt default, taking a significant impairment on its holdings . Although an agreement in principle has been reached with Ghana‘s external creditors, sovereign risk remains elevated across West Africa.

Risk 4: Currency Volatility

WAICA Re operates in multiple currencies (GHS, NGN, XOF, KES, ZWL, USD, etc.). Currency devaluations (particularly the Naira and Cedi) can erode the value of premiums earned in local currencies when converted to USD for reporting.

Risk 5: Competition from Africa Re and Global Giants

Africa Re has a much larger balance sheet (over US$2 billion in assets) and a higher credit rating (A-). Global reinsurers like Swiss Re, Munich Re, and Hannover Re have AA or A+ ratings. WAICA Re‘s B rating may be insufficient for some large, sophisticated cedents.

Risk 6: Shareholder-Customer Tension

WAICA Re is owned by the insurance companies that are also its customers. This alignment can be a strength, but it can also create tension when the reinsurer must decline a risk or increase prices to protect its own balance sheet.

Risk 7: Economic Headwinds

• Inflation: Claims costs rising; premiums fixed.

• Cedi Depreciation: Reinsurance costs in foreign currency increasing.

• Interest Rates: Investment income fluctuating.

Future Outlook

As of May 2026, WAICA Re is executing a strategy built on geographic diversification, balance sheet strengthening, and investment in physical infrastructure (the Accra headquarters).

The Immediate Agenda (2026-2027)

1. Complete the Accra Headquarters: Finalise construction of the US$40 million regional headquarters in Airport Residential Area.

2. Deepen East African Presence: Expand the Kenya subsidiary‘s market share; potentially open a Tanzania or Uganda office.

3. Maintain the “Strong“ Operating Performance: Continue to deliver robust ROE ratios to justify AM Best‘s assessment.

4. Upgrade Risk Management Framework: Address AM Best‘s “Marginal“ assessment to potentially achieve a rating upgrade in the future.

5. Pursue a Rating Upgrade: A B+ rating would put WAICA Re on par with the best-rated African reinsurers.

6. Increase Shareholder Value: The shareholders are insurance companies; WAICA Re must balance competitive pricing for cedents with profitable returns for those same shareholders.

The Bull Case (Optimistic)

• Rating Upgrade: Within 3-5 years, AM Best upgrades WAICA Re to B+ or even B++ (Good). This opens doors to larger international cedents and better retrocession terms.

• Ghana Hub Succeeds: The US$40 million Accra headquarters becomes the operational nerve centre for West Africa, attracting top talent and serving as a hub for training and conferences.

• Pan-African Expansion Accelerates: WAICA Re acquires a small reinsurer in Southern Africa or establishes a presence in Egypt, becoming a truly continental player (not just West African).

• Strong Shareholder Loyalty: The 200+ shareholder-cedents remain loyal, providing a stable, growing premium base. WAICA Re becomes their “reinsurer of first resort.”

• Cross-Selling Success: WAICA Re successfully cross-sells its expertise in engineering and bond insurance to cedents across its 90-country network.

The Bear Case (Pessimistic)

• Sovereign Debt Crisis (Round Two): Another West African country defaults on its debt. WAICA Re‘s investment portfolio is impaired again, and the rating outlook is revised back to Negative.

• Competition from Ghana Re: Under new MD Seth Aklasi (Donewell), Ghana Re becomes more aggressive in the regional market, undercutting WAICA Re on price.

• Currency Collapse: The Naira or Cedi collapses further, wiping out the USD value of WAICA Re‘s local currency premiums.

• Rating Stagnation: WAICA Re remains at B (Fair) for the next five years. International cedents continue to prefer A-rated global reinsurers.

• Leadership Transition Risk: CEO Ezekiel Ekundayo (Pioneer MD/CEO) has been with WAICA Re since 2011. His eventual retirement will be a test of the company‘s succession planning.

The Verdict

WAICA Reinsurance Corporation PLC is arguably the most successful institutional example of West African integration in the financial services sector. It is not a government project; it is an industry project. It was built by the insurance companies of West Africa, for the insurance companies of West Africa.

Starting from scratch in 2011, WAICA Re has grown to US$255 million in premium income, a US$260 million balance sheet, operations in over 90 countries, and holds a B (Fair) rating from AM Best with a Stable Outlook. The company has weathered the Ghanaian sovereign debt crisis, absorbed its impairments, restructured its portfolio, and emerged with a stronger balance sheet.

The leadership is world-class: Chairman Kofi Duffuor (Star Assurance Group, Ghana) provides strategic oversight and industry credibility, while Group MD/CEO Ezekiel Ekundayo brings 35+ years of technical reinsurance experience and bilingual (English/French) capabilities . The Board includes representatives from Ghana, Nigeria, Gambia, and Kenya, reflecting the company‘s pan-African mandate .

Ghana is central to WAICA Re‘s future. The US$40 million regional headquarters rising in Airport Residential Area is a significant investment in Ghana‘s financial services infrastructure . WAICA Re Capital, Ghana, under CEO Haruna Gariba, is already operational . And the current Commissioner of Insurance, Dr. Abiba Zakariah, is a former WAICA Re COO—demonstrating the company‘s role as a talent incubator for the region .

For Ghanaian insurance companies (cedents), WAICA Re offers a reinsurance partner that is owned by the industry, understands the local market intimately, and has a strong (and improving) credit rating. For the Ghanaian economy, WAICA Re‘s investment is a vote of confidence. For the West African region, WAICA Re is proof that cooperation can produce commercially successful, world-class institutions.

WAICA Re is not trying to be Africa Re (the continental giant). It is trying to be the preferred West African reinsurer—owned by the region, operating in the region, and investing in the region. With a B rating, a Stable Outlook, a US$40 million headquarters in Accra, and a track record of 38% annual premium growth over a decade, it is well on its way.

Last Updated on May 13, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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