Morocco’s Wafa buys Cameroon’s Pro Assur

Morocco’s Wafa buys Cameroon’s Pro Assur

Morocco’s Wafa buys Cameroon’s Pro Assur

Moroccan insurance firm Wafa Assurance has finalised its acquisition of the non-life and life divisions of Cameroonian insurer Pro Assur for an undisclosed sum. A statement on the deal said: “Wafa Assurance acquires 65% of voting rights shares of Pro Assur SA and a controlling interest representing 89.4% of the shares and voting rights of Pro Assur Vie.” The deal,…

European Investment Bank to support ATI growth

European Investment Bank to support ATI growth

European Investment Bank to support ATI growth

The European Investment Bank (EIB) has agreed to support membership expansion of the African Trade Insurance Agency (ATI). It is set to provide a concessional financing facility to cover the shareholding of three prospective members – Cameroon, Niger and Togo. It is the first time the EIB has backed ATI’s membership expansion. ATI said unlocking additional investment insurance is expected…

How to avoid sanctions for lack of compliance in Equatorial Guinea

How to avoid sanctions for lack of compliance in Equatorial Guinea

How to avoid sanctions for lack of compliance in Equatorial Guinea

Companies are being advised to be mindful of local compliance rules ahead of doing business in Equatorial Guinea. Pablo Mitogo, associate attorney, Centurion Law Group, has outlined some of the common problems that companies have with local content rules in country. He explained: “In 2018, the Ministry of Mines and Hydrocarbons of Equatorial Guinea informed operators Exxon Mobil, Noble Energy…

Adama Ndiaye named as new Sen Re head

Adama Ndiaye named as new Sen Re head

Adama Ndiaye named as new Sen Re head

Adama Ndiaye has been appointed as general manager of Sen Re, replacing Moussa Diaw, who stepped down on 31 October. Mr Ndiaye worked for many years as a controller within the Inter-African Conference of Insurance Markets. He then joined Aveni Re as deputy general manager. In 2015, he left Ivory Coast to return to Senegal, where he was appointed deputy…

Brokerslink agrees new tie-up with SUNU

Brokerslink agrees new tie-up with SUNU

Brokerslink agrees new tie-up with SUNU

Broking business Brokerslink has announced a strategic partnership with African insurer SUNU Group, as it strengthens its ties with Africa. Brokerslink’s intermediaries and their clients will have access to exclusive wordings and health insurance plans with management delegation, as well as to SUNU’s specialist knowledge of local markets, multiple regulatory regimes and business cultures. The partnership will build on SUNU…

Infrastructure risks topped agenda at first Francophone risk management conference

Infrastructure risks topped agenda at first Francophone risk management conference

Infrastructure risks topped agenda at first Francophone risk management conference

Infrastructure risks topped the agenda when about 120 risk professionals met for the first RARM conference. Attracting delegates from across the Francophone Africa region, as well as from Europe, the RARM 19 conference was also attended by a representative of the Minister of Equipment and Road Maintenance; a representative of the director general of the Port Authority of Abidjan; the…

Ghana signs up to ATI in €16m deal

Ghana signs up to ATI in €16m deal

Ghana signs up to ATI in €16m deal

Ghana’s Ministry of Finance and German bank KfW have agreed a financing agreement in the amount of €Ä16m that will enable Ghana to secure its shareholding and membership of the African Trade Insurance Agency (ATI). Ghana’s shareholding in ATI enables the government to further develop the private sector, which is a key reform agenda under the Reform and Investment Partnership…

ARC pays out to Ivory Coast after drought

ARC pays out to Ivory Coast after drought

ARC pays out to Ivory Coast after drought

The Insurance Company of Pan African Mutual Risk Management (ARC) has paid $738,835 in compensation to the Ivory Coast government, following a lack of rain recorded in the central region of the country for the 2019 agricultural season. The money will be used to help vulnerable families better cope with the severe consequences of the rainfall deficit and sustain themselves…

West African insurers moving toward risk-based capital requirements

West African insurers moving toward risk-based capital requirements

West African insurers moving toward risk-based capital requirements

Insurers across west Africa have been working towards compliance with tough new risk-based capital requirements being imposed by their regulators. In Nigeria, new rules announced in June by the Nigerian Insurance Commission (Naicom) and set to be enforced in 2020 could mean the number of insurers halves in the next year. According to reports from Coronation Merchant bank, the number…

Senegal insurers enjoy 7% growth

Senegal insurers enjoy 7% growth

Senegal insurers enjoy 7% growth

The insurance sector in Senegal grew by about 7% in 2018, according to preliminary financial figures. The 29 insurers in the country posted a premium income of CFA174.36bn ($296m), an increase of 7.3% on 2017, according to Reussir, which said this growth is attributable to both non-life and life business, which expanded by 8.6% and 4.96% respectively. At 31 December…

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