WAICA Reinsurance establishes AFIN Bank to bridge Africa and Global Finance

In a landmark move, WAICA Reinsurance Corporation Plc (WAICA Re) has established AFIN Bank UK Limited, a wholly owned subsidiary in the United Kingdom. This strategic initiative 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, the Group Chairman of WAICA Re, Mr. Kofi Duffuor said “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”.

Mr. 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”.

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.

According to the Group Chairman, Mr Kofi Duffuor, when the company started its journey in 2012, its annual premium income stood at a modest $7 million. Fast forward to 2023, and WAICA Re is proud to report that this figure has skyrocketed to an impressive $255 million.

“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”, said Mr Duffuor.

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”, stated Mr Kofi Duffuor.

The establishment of AFIN Bank UK Limited is a cornerstone 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.

As WAICA Re embarks on this exciting new chapter, the company remains committed to prudent risk management and delivering value to its Stakeholders across Africa and beyond. The establishment of AFIN Bank UK Limited represents not just an expansion of WAICA Re’s services, but a bold step towards reshaping the environment of cross-continental banking and reinsurance industries.

Mr Kofi Duffuor stated that “we are excited about the opportunities this new chapter brings and look forward to AFIN Bank UK Limited playing a significant role in fostering economic growth and financial inclusion that will usher in a new level of positive development and returns for all our valued Stakeholders”.

“We would want to take this opportunity to thank all those individual persons and institutions that have come along with us in this journey of building a strong African institution that will stand the test of time, as we continue to walk “Together towards Tomorrow” Mr Duffuor added.

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