Abidjan-headquartered insurance and banking group, NSIA Group, has received approval from the Regional Insurance Control Commission (CRCA) for the establishment of Manzi Re, its new captive reinsurance company.
The captive reinsurer fits into the group’s strategy to strengthen risk management and support its expansion across Africa, reported Ecofin Agency. The establishment of the reinsurer also aims to reduce reliance on international reinsurers as African insurance markets evolve.
NSIA has appointed Mr Thomas Yebouet as CEO of the new reinsurer. Before this appointment, he served as COO of NSIA Insurance Nigeria. He also previously worked at the Inter-African Conference on Insurance Markets (CIMA) where he was Chief Insurance Supervisory Commissioner.
NSIA Group is present in 12 countries in West and Central Africa (Cote D’Ivoire, Benin, Cameroon, Congo, Gabon, Guinea, Guinea Bissau, Ghana, Mali, Nigeria, Senegal, Togo). The group operates at least 20 life and non-life insurance subsidiaries and three commercial banks.