Kenya: CICA-RE has a new insurance office in Nairobi

CICA-RE has opened a representation office in Nairobi. According to the requirements of local authorities, this office is meant to be transformed in three years’ time into a full-fledged subsidiary for the group. 1.5 billion KES (15 million USD) in capital injection is expected to this end.

CICA-RE plans on tapping into the buoyancy of the Kenyan economy and on the high penetration rate of regional reinsurance to diversify its portfolio. Among its shareholders, 12 French-speaking West African reinsurers, are detaining 65% of the capital.

The new office is focusing on the business coming from eastern and southern Africa.