Capital increase for CICA-Re

Jean Baptiste Kouamé, general manager of the compagnie commune de réassurance (CICA-RE) has announced the next increase of the company capital.

This increase is subject to the agreement of the shareholders' general meeting, and then to the approval of the council of ministers of the CIMA member states which will be held in April 2017. The capital will thus increase from 20 billion FCFA (33 million USD) to 50 billion FCFA (83 million USD), including 10 billion by incorporation of reserves and 20 billion by contribution in cash.

The reinforcement of the financial asset aims at consolidating the presence of the reinsurer on the African market.

The information was communicated in the margins of the 41st General Assembly of FANAF, held from 13 to 16 February 2017 in Marrakech (Morocco). CICA-RE posted a turnover of 55.288 million USD (1)in 2015.

(1)Figures extracted from the reinsurance directory 2017

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