By Dr. Doma
Freetown, Sierra Leone – WAICA Reinsurance Corporation Plc, a prominent player in the West African insurance sector, held its 12th Annual General Meeting (AGM) on Thursday, July 17, 2025, at the Radisson Blu Mammy Yoko Hotel. The meeting was accessible virtually, bringing together shareholders, board members, auditors, and stakeholders to review the company’s performance for the year ending December 31, 2024, and discuss its future direction.
Founded to support insurance companies across West Africa, WAICA Re has established a reputation for financial prudence, regional cooperation, and reliable risk management. Headquartered in Sierra Leone, the company has expanded its operations and clientele across multiple African markets, striving to enhance the continent’s insurance landscape with localized solutions and world-class standards.
During the meeting, Group Chairman Mr. Kofi Duffour delivered his address, encouraging attendees to review his comprehensive written report. He highlighted strategic decisions made over the past year aimed at maintaining operational resilience amid global economic challenges. Key focuses included appropriate pricing, selective underwriting, and bolstering technical capacity, all of which have contributed to the company’s stability.
A significant portion of the AGM was dedicated to presenting the audited financial statements for the year ending December 31, 2024. Mr. Derrick Kawaley from the auditing firm Baker Tilly confirmed that a thorough and independent audit had been conducted in accordance with international standards. He expressed satisfaction with the accuracy of the financial statements, affirming the integrity and transparency of WAICA Re’s financial reporting and internal controls.
Following the financial review, shareholders engaged in discussions regarding the proposal to declare a dividend for the year. The deliberations recognized the importance of balancing shareholder rewards with retaining earnings for future growth. Ultimately, the dividend declaration was approved, reflecting the company’s robust financial health and commitment to shareholder value.
In accordance with corporate governance procedures, the AGM also included the re-election of three directors: Mrs. Senor Thomas-Sowe, Mrs. Olatoyosi Alabi, and Dr. George Nana Agyekum Donkor. Their reappointment was met with confidence by shareholders, who acknowledged their valuable contributions to the company’s strategic oversight.
The meeting also addressed the appointment of auditors for the upcoming financial year, with Baker Tilly being reappointed. The Directors were authorized to determine their remuneration, demonstrating shareholder trust in the firm’s professional conduct.
Other topics discussed included the company’s future strategy, regional expansion, and operational efficiency. Shareholders raised inquiries about market positioning and the effects of ongoing economic shifts across the continent. The leadership team responded openly, reaffirming their commitment to adaptability and long-term value creation.
The 12th AGM of WAICA Re concluded on a positive note, fostering a renewed sense of purpose among leadership and stakeholders. Mr. Duffour closed the session by expressing gratitude to shareholders for their continued trust, emphasizing the company’s dedication to responsible growth, innovation, and excellence in service delivery across the African insurance landscape.
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