Freetown, Sierra Leone – March 31, 2026: President Julius Maada Bio has officially commissioned the new headquarters of the West Africa Reinsurance Corporation (WAICA Re) PLC, describing the event as a landmark achievement for Sierra Leone, the West African sub-region, and the insurance industry.
The newly constructed headquarters, located at 4A Alshek Crescent, Hill Station, Freetown, stands as a symbol of WAICA Re’s confidence in Sierra Leone’s business environment and its commitment to investing in the next generation of insurance professionals.
Presidential Commitment to Regional Integration
In his keynote address, President Bio emphasized WAICA Re’s contributions to Sierra Leone’s financial sector, including creating professional opportunities, strengthening the insurance industry, and supporting the wider business community. He noted that WAICA Re exemplifies the spirit of regional integration championed by ECOWAS.
“This building is a testament to WAICA’s confidence in Sierra Leone and its investment in the future of our professionals,” President Bio said, recalling that government provided the land freehold for the project.
WAICA Re Leadership Commends Sierra Leone
Group Chairman Mr. Kofi Duffuor described the President’s presence as a powerful affirmation of confidence in the institution. He praised President Bio for his Pan-African vision and unwavering commitment to building strong institutions, noting that WAICA Re’s establishment in Sierra Leone has become a model of regional cooperation.
The Group’s Managing Director highlighted WAICA Re’s diverse ownership structure, with over 200 shareholders across West Africa and beyond. He explained that this diversity—spanning insurance companies, financial institutions, and strategic investors—reflects a collective commitment to risk-sharing and market development.
Tangible Impact on Sierra Leone’s Economy
Established in 2011, WAICA Re was conceived to strengthen the insurance industry in West Africa without reliance on external intervention. Sierra Leone granted the corporation full diplomatic status, enabling it to operate alongside sister organizations across the region.
WAICA Re’s policies ensure that reinsurance premiums generated within a country are transacted and invested locally. In Sierra Leone, this has eased foreign exchange pressures and supported macroeconomic stability. The new headquarters stands as tangible evidence of WAICA Re’s commitment to Sierra Leone’s economy and future.
Currently, 96 of WAICA Re’s 210 shareholders are Sierra Leoneans, while 29 of its 113 employees are Sierra Leonean nationals, representing over 25% of its workforce. Officials say this reflects the corporation’s broader socio-economic impact—supporting families, livelihoods, and communities.
The commissioning ceremony featured the unveiling of the plaque, a formal declaration and ribbon-cutting, a media photo session, and a guided tour of the new facility.