The African Development Bank (AfDB) has invested FCFA 6.555 billion in the capital of the Joint Reinsurance Company of the Member States of the Inter-African Conference on Insurance Markets (CICA-RE), or 5.47% of the total shares .
The signing of an investment agreement between the two institutions took place on Thursday, June 9, 2022, in Abidjan in the presence of the Minister of Economy and Finance, Adama Coulibaly.
At BAD they had increased the CICA-RE’s ability to describe
Expressing his gratitude to the leaders of the AfDB, the general director of CICA-RE, Diarrassouba Karim, said that the entry of the bank will allow the company to increase its underwriting and retention capacity, to improve its ratio. of equity, to consolidate its resilience to the occurrence of major disasters, its governance framework with a probable effect on its financial rating and consolidate the support of member states in their economic development.
He promised that his institution would do its utmost to honor its commitments in this convention.
On behalf of the AfDB, Atout Ahmed, Head of the Capital Markets Development Division, welcomed the partnership that accompanies CICA-RE’s expansion in Africa.
Develop the insurance sector in Africa
“The proposed operation is part of the Bank’s strategic interventions to increase our contribution to the development of the reinsurance sector in Africa by strengthening strong African players, such as CICA-RE, who are able to compete with international standards,” he said. . Mr. Attout.
Minister Adama Coulibaly pointed out that the entry of the BAD au capital will be able to develop the company’s solvency as well as financial soundness. As such, he called on CICA-RE to make the most of the agreement for a mutually beneficial partnership.
As the main challenge, Mr Coulibaly urged company officials to maintain a high level of performance and to continue to honor commitments to earn the trust of partners and to strengthen their financial contribution to the development of states. members by promotion plus accumulate insurance and insurance activities.
He also promised that Côte d’Ivoire, the first space market of the Inter-African Conference on Insurance Markets (CIMA), would continue to support CICA-RE for its development and anchoring.
CICA-RE is the third regional insurance company to invest BAD after Africa-RE and PTA Reinsurance (ZEP-RE).
With a capital of 60 billion FCFA and a turnover of 95 billion FCFA in 2021, the CICA-RE created by two CIMA member states, is committed to a permanent improvement of governance, strengthening of its devices. control and consolidation of the acquis.