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AM Best Assigns Credit Ratings To WAICA Re

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AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” to WAICA Reinsurance Corporation PLC (WAICA Re) (Sierra Leone). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect WAICA Re’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management.

WAICA Re’s balance sheet strength is underpinned by the strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio. The assessment considers the company’s conservative investment strategy, with the majority of the portfolio held as cash and deposits, and low level of retrocession dependence. A partially offsetting factor is the company’s exposure to the significant economic, political and financial system risks associated with the countries where WAICA Re operates, which include Nigeria, Ghana and Sierra Leone.

WAICA Re has a track record of strong operating performance, demonstrated by a five-year (2015-2019) weighted average combined ratio and return on equity of 87.0% and 9.5%, respectively. Prospective earnings are expected to remain strong, underpinned by solid technical performance, and complemented by positive, albeit modest, investment returns, reflecting the low-yielding assets in which the company primarily invests.

AM Best considers WAICA Re’s business profile to be limited owing to its relatively small size and geographic concentration of business in Nigeria and Ghana.
The company reported gross written premium of USD 64.5 million in 2019.
Whilst AM Best expects WAICA Re to grow its premium base gradually through diversification into other markets, business will continue to originate primarily from Nigeria and Ghana.

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Bonus Bonus Codes Online Casino No Deposit – How to Find Them?

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With more people searching for an easy way to make online casino deposits and online casinos have reacted by offering convenient no-deposit online casino gaming options for players. Casinos on the internet often offer special incentives to new players, such as an welcome bonus or bonus codes, after they make their first deposit. Online casinos have (more…)

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Business

NAICOM Issues New Licenses To SanlamAllianz After Merger

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The National Insurance Commission (NAICOM) today handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Limited in Abuja.

Commissioner for Insurance, Mr. Olusegun Omosehin, emphasised the ccommission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements.
He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance.
He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

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Leadway Health HMO Wins Award Again

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Leadway Health HMO has been honoured with the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for the third consecutive year.
This achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria. Leadway Health HMO set a new record, one that has never been achieved in the 15-year history of the NHEAwards.
The award, presented in Lagos recently, 2025, celebrates the organisation’s excellence in service delivery, technology integration, unmatched service delivery, and its expanding provider network.
Speaking on this achievement, Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli, stated, “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.
“In a country where fewer than one in ten people have access to health insurance, we recognise the immense responsibility we carry. Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.”
Alli added, “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”
Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny. With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda.
The Nigerian Healthcare Excellence Awards, founded in 2014 by Global Health Project and Resources in collaboration with Anadach Group USA, is the industry’s most respected recognition platform. This year’s edition was themed “Collaborating for Impact: Strengthening Health Systems through the SWAP Approach”, emphasising unified efforts to drive change.

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