Africa Specialty Risks (ASR) has partnered with the Banque Ouest Africaine de Développement (BOAD) to explore the potential of establishing a captive insurance entity.
The feasibility study, advised by insurance broker COFARCO, will assess how a captive insurance solution can bolster risk management capabilities and promote sustainable economic development in the region.
The collaboration aims to enhance risk management and financial resilience across the West African Economic and Monetary Union (WAEMU) region.
“This feasibility study is a major step forward towards strengthening risk management and financial resilience across West Africa," comments Serge Ekue, BOAD president and chairman.
He adds: "BOAD is committed to using the credit insurance market to manage its financial risk and increase its ability to promote sustainable economic growth."
Meanwhile, Mikir Shah, CEO of ASR, states: “Our partnership with BOAD underscores a landmark collaboration and is a testament to ASR's commitment to being the ‘go to’ captive solutions partner for institutions driving economic development in Africa.
"We are proud to leverage our expertise to support BOAD's strategic objectives and contribute to the resilience and prosperity of the West African region."
Frederic Blanchi, founder and managing partner at COFARCO, says: "A well-structured captive insurance entity has the potential to broaden the spectrum of risk profiles that the institution can secure coverage for, enlarge access to risk carriers, including the reinsurance market, and generate long-term cost efficiencies."
