WAICA Reinsurance

What WAICA Reinsurance does

WAICA Reinsurance Corporation Plc is a Freetown-headquartered, pan-African reinsurer founded in 2011 that provides Treaty and Facultative reinsurance capacity to primary insurers, brokers, and ESG-conscious financial institutions across at least seven African jurisdictions (Sierra Leone, Nigeria, Tunisia, Ghana, Côte d'Ivoire, Kenya, Zimbabwe) and increasingly to clients in the Middle East and Asia. Its core product set consists of proportional and non-proportional treaty arrangements — where the cedent automatically cedes a defined share of a portfolio — alongside individually negotiated facultative placements covering discrete risks such as large property, engineering, marine, aviation, and oil/energy exposures. The company has expanded into renewable energy reinsurance solutions that embed ESG considerations into underwriting and investment decisions.

The business operates on a dual revenue model: recurring treaty premium income under annual or multi-year portfolio agreements, and transaction-based facultative premiums negotiated case-by-case on individual risk placements. Pricing is institutionally negotiated and not publicly disclosed. WAICA Re distributes through direct enterprise field sales to ceding insurers and through broker-facilitated facultative placements, supplemented by proprietary convening platforms — the CFO Conclave, Brokers Conclave, WAICA Re Academy training programs, and IFRS 17 workshops with the Sierra Leone Insurance Association — that function as both relationship-building channels and capacity-building investments. The company's competitive differentiation rests on its ESG-first positioning (Net Zero and SBTi commitments, UN SDG alignment, published sustainability and climate risk disclosures) and its role as a locally anchored African reinsurance partner. In October 2024 it extended beyond pure reinsurance by launching a bank in the United Kingdom, and in March 2026 it commissioned a new headquarters in Freetown. WAICA Re is privately held, uses the "Plc" designation without a public stock exchange listing, employs 51–100 people, and discloses no proprietary technology stack or AI/ML capabilities.

Name

WAICA Reinsurance

Legal name

WAICA Reinsurance Corporation Plc

Website

https://waicare.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

51–100 employees

Short description

WAICA Reinsurance Corporation Plc is a Freetown-headquartered, pan-African reinsurer founded in 2011 that provides Treaty and Facultative reinsurance capacity to primary insurers and brokers across at least seven African countries, supplemented by ESG-integrated renewable energy reinsurance solutions, a UK bank launch, and a proprietary training Academy.

Ownership category

akta.pro rank

Product category

Reinsurance

NAICS

Reinsurance Carriers (524130), Reinsurance Carriers (52413)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Reinsurance Pool / Facility Treaty Participation (FSAOAEAL)

akta.pro secondary industries

Facultative Specialty Lines Reinsurance (Marine, Aviation, Energy, Cyber, Surety, Political Risk) (FSAOAFAD), Property Facultative Reinsurance (FSAOAFAA)

Keywords

• Treaty reinsurance
• Facultative reinsurance
• African reinsurance capacity
• ESG-aligned underwriting
• Reinsurance capacity solutions

Headquarters

HQ city

Freetown

HQ country

Sierra Leone

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Treaty Reinsurance: Treaty reinsurance contracts where WAICA Re assumes a portfolio of risks from ceding insurers on a proportional or non-proportional basis, generating recurring premium income.
2. Facultative Reinsurance: Facultative reinsurance covering individual, separately negotiated risk transfers from ceding companies, providing one-time or periodic premium revenue based on specific policy placements.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

WAICA Reinsurance provides Treaty and Facultative Reinsurance to primary insurance companies and brokers across Africa and beyond, assuming portfolio risks (proportional and non-proportional) and individual risks on a case-by-case basis. Its vision is to develop and provide diversified reinsurance capacity to enhance economic and financial development in Africa, supported by the WAICA Re Academy training initiative and ESG-integrated renewable energy reinsurance solutions.

Product overview

WAICA Reinsurance is a reinsurance and financial services organization providing a portfolio of reinsurance products and services to the African market and beyond. The core offering consists of Treaty Reinsurance (automated proportional/non-proportional arrangements) and Facultative Reinsurance (individual risk coverage), supplemented by specialized renewable energy reinsurance solutions that integrate ESG considerations. Supporting the core products are capacity-building initiatives including WAICA Re Academy (professional development programs), and Corporate Social Investment programs. The company focuses on developing diversified reinsurance capacity to enhance economic and financial development across Africa.

Differentiator

Problem solved

Functional benefit

Brands

• WAICA Re Academy: Capacity building and development initiative providing training programs and conferences for the African insurance market, including courses on agriculture insurance, reinsurance principles and practices, marine and aviation insurance, engineering underwriting and claims, oil/energy insurance and enterprise risk management.

Products and services

• Treaty Reinsurance A proportional or non-proportional reinsurance arrangement where the ceding company automatically cedes a specified percentage of risks within a defined class to WAICA Re, providing capacity and risk-sharing across the African market.
• Facultative Reinsurance Individual risk-by-risk reinsurance coverage where WAICA Re evaluates and accepts specific policies on a case-by-case basis, allowing customized terms for unique or high-value exposures.
• Renewable Energy Reinsurance Solutions Reinsurance products designed to support renewable energy projects, climate change mitigation and adaptation efforts, integrating ESG factors into underwriting decisions.
• WAICA Re Academy A capacity building and professional development initiative offering training programs, international seminars on agriculture insurance, advanced reinsurance courses, and specialized training in marine, aviation, engineering, oil/energy insurance, and enterprise risk management.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Sierra Leone Insurance AssociationcoreStrategic or Co-development PartnerWAICA Re collaborated with the Sierra Leone Insurance Association to organize a three-day IFRS 17 training workshop from October 21–23, 2025, serving as part of the company's commitment to human capital development within the regional insurance industry.

Scale indicators2 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Hannover Re: Top-tier global reinsurer with treaty and facultative operations including African market exposure through partnerships and direct placements. Comparable offering to WAICA Re but at vastly larger scale and broader geographic reach.
• Swiss Re: One of the world's largest reinsurers with global treaty and facultative offerings including African market participation. Competes indirectly with WAICA Re for large treaty cessions but operates globally across all reinsurance lines.
• SCOR SE: French-headquartered global reinsurer with African treaty and facultative operations. Indirectly competes with WAICA Re across specialty lines and emerging market reinsurance, particularly through its African partnerships and Lloyd's platform.
• Munich Re: Global reinsurance leader with significant African market activity through treaty and facultative placements. Indirect competitor that African primary insurers and brokers compare against WAICA Re when placing large or specialty risks.
• Lloyd's of London: Global specialty insurance and reinsurance market where African facultative risks, particularly marine, aviation, energy, and political risk, are frequently placed. Represents the incumbent alternative that African primary insurers benchmark WAICA Re's facultative capacity against.

Direct peers

• Continental Reinsurance Company: Nigeria-headquartered reinsurer operating across Anglophone and Francophone Africa with treaty and facultative products. Directly competes with WAICA Re for cessions from African primary insurers and shares similar broker engagement strategies.
• CICA Re (Confédération Africaine des Sociétés d'Assurances et de Réassurances): Togo-headquartered pan-African reinsurer with treaty and facultative operations across Francophone and wider African markets. Direct peer with similar institutional ownership and African market development mandate.
• African Reinsurance Corporation (Africa Re): Africa's largest continental reinsurer, owned by African member states and headquartered in Nigeria. Directly competes with WAICA Re in treaty and facultative reinsurance across African markets with a similar pan-African footprint and CIMA regulatory framework.
• Zep-Re (PTA Reinsurance Company): COMESA-based regional reinsurer serving Eastern and Southern African markets with treaty and facultative offerings. Comparable to WAICA Re as a regional African reinsurer with shared focus on capacity building and local market development.

Regional players

• Kenya Reinsurance Corporation: Kenyan government-linked reinsurer with regional East African focus and treaty/facultative offerings. Comparable regional reinsurance competitor with similar ESG and capacity-building positioning in African markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WAICA Reinsurance