President Bio opens WAICA Re House

The President of Sierra Leone, Dr. Julius Maada Bio has commissioned the headquarter building of WAICA Reinsurance Corporation Plc, in Freetown.

President Bio described the occasion as a significant milestone for Sierra Leone, and the broader West African financial sector. He noted that the commissioning fulfills a longstanding commitment stemming from the 2011 agreement that established WAICA Re in the country and paved the way for the construction of its permanent headquarters.

He emphasized that the Headquarters Agreement outlines the government’s responsibility to ensure an enabling environment for the corporation’s operations, reaffirming Sierra Leone’s commitment to honoring its obligations. He assured continued support for financial sector development, regulatory stability, and the protection of institutional rights, stressing that the country remains open to credible, long-term investment.

“Sierra Leone is open for credible investment and honors its agreements; we welcome institutions that contribute to regional cooperation and economic resilience” he said.

Group Managing Director, Biola Ekundayo, expressed appreciation to the government and people of Sierra Leone for their sustained support since 2011. He noted that the new headquarters symbolizes the institution’s growth and long-term commitment to Africa, highlighting WAICA Re’s expanding footprint across the continent and beyond.

Also, Group Chairman, Kofi Duffuor commended the Government of Sierra Leone, Parliament, and citizens for hosting the institution. He praised President Bio’s leadership and commitment to upholding agreements, describing it as a demonstration of confidence in building strong, enduring regional institutions.

WAICA Reinsurance Corporation Plc is a public limited liability company incorporated under the laws of Sierra Leone (Companies Act 2009) on March 7, 2011. In the years following the creation of West African Insurance Companies Association (WAICA) in 1973, the founding fathers had the desire to establish a reinsurance organisation to help mitigate the effects of the lack of reinsurance capacity within the West African insurance industry.

To fulfill this ambition, the founding fathers considered it prudent to start off by creating a reinsurance pool which hopefully will someday metamorphose into a fully-fledged reinsurance corporation.

Today, the WAICA Reinsurance Pool has turned into WAICA Reinsurance Corporation Plc.

 

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