President Ernest Bai Koroma & Delegation Arrive in Nigeria to Launch West Africa Insurance Companies Association . Sierra Leone’s President Ernest Bai Koroma has arrived in the Federal Republic of Nigeria Tuesday March 15th,2011 with a three Man delegation including Foreign Affairs and International Cooperation Minister Hon. Joseph B. Dauda to officially launch the West African Insurance Companies Association (WAICA) Reinsurance Corporation Plc. According to Program of events, the launching ceremony will take place today Tuesday at the Lantana Hall, Eko Hotel &suites , Adetokumbo Ademola Street, Victoria Island in Lagos.
On arrival, President Ernest Bai Koroma and his delegation was received by Secretary to the Lagos State Government Princess Adenican-Ogunsanya, Senior Special Assistant on Foreign Relations to the Lagos State Government Toyin Caxton-Martins, Director General of Chattered Insurance Institute of Nigeria Mr. Adeboyega Adepegba, WAICA Lagos Rep. Alice Onomake, Sierra Leone’s High Commissioner to the Federal Republic of Nigeria H.E. Henry O Macauley, Lagos Liaison officer Dudley Elliott, Information Attaché Pasco Gerald Temple and Lagos Protocol officer Prince Fatai Fagbere.
Above this photo : A cross-section of insurance executives waiting to receive President Koroma
At the EKO Hotel, President Koroma was greeted by a large group of Insurance Chief Executives most of whom were his colleagues from different parts of West Africa including Sierra Leone National Insurance Company’s Mr. Yaskey.
Meanwhile, Hon. Joseph B. Dauda has signed the Headquarters agreement between the Government of Sierra Leone and WAICA, for the establishment of the West African College of Reinsurance in Sierra Leone.
President Koroma Attracts More International awe
Sierra Leone’s President Ernest Bai Koroma has attracted more International admiration resulting from his passion for regional growth and development. His emphasis on social integration – the act of acceptance – and social solidarity at local and international levels which is tendon to innovative consultancy organisations for development cooperation and business promotion world-wide need not be over emphasized.
President Ernest Bai Koroma has been recognized by the West African Insurance Companies Association (WAICA) as one of the strongest proponents of the idea to establish a regional reinsurance institution, under the auspices of WAICA.
WAICA Reinsurance Corporation will create a doubly assurance for both clients and insurers by reinsuring the already insured.
Reinsurance is insurance that is purchased by an insurance company (insurer) from another insurance company (reinsurer) as a means of risk management, to transfer risk from the insurer to the reinsurer. The reinsurer and the insurer enter into a reinsurance agreement which details the conditions upon which the reinsurer would pay the insurer’s losses (in terms of excess of loss or proportional to loss). The reinsurer is paid a reinsurance premium by the insurer, and the insurer issues thousands of policies.
The West African Insurance Companies Association (WAICA) was founded in 1973 by insurance institutions in the five English speaking West African countries, including the Republic of Gambia, Republic of Sierra Leone, Republic of Liberia, Republic of Ghana and ,the Federal Republic of Nigeria.
Consequent upon the international nature and structure of the organisation, activities of WAICA in member countries are still attended and supported by distinguished Government personalities at ministerial and occasionally higher levels.
“You will recall Your Excellency, that several years ago, and with you as one of the strongest proponents, the idea of establishing a regional reinsurance institution under the auspices of WAICA was fully accepted. Since then, a lot of events have happened and we are happy to report that we are in the very final stages of the establishment of the institution which is to be named WAICA Reinsurance.
In view of the above, it is our pleasure to on behalf of the executive committee and entire membership of WAICA cordially invite you to be the Chief Launcher of this new regional institution.
Last year, the Chattered Insurance Institute Of Nigeria CIIN, the premier professional organization for those working in the insurance and financial services industry, recognized President Ernest Bai Koroma as the first successful Chattered Insurer to become a President of a Country through one of the most credible, transparent and non violent election process.
He was awarded together with former Foreign Affairs and International Cooperation Minister Madam Zainab Hawah Bangura, and Sierra Leone’s High Commissioner to the Federal Republic of Nigeria H.E. Henry O. Macauley.
Pasco Gerald Temple
Sierra Leone High Commission
Plot 308 Mission Road
Central Business District
Federal Capital Territory