The Cameroon government and the Association of Insurance Companies in Cameroon (ASAC) have appointed consulting firm Finactu to provide support in the establishment of a national reinsurance company.
This selection followed an international tender process, according to local media reports.
The national reinsurer will be owned by the government, insurance companies operating in the country and a strategic partner.
Cameroon wants to join the ranks of African countries which have their own national reinsurance companies (namely, Morocco, Tunisia, Algeria, Kenya, Ghana, Tanzania, Sudan, Senegal, Gabon, Namibia and Nigeria).
Casablanca-based Finactu will help define the strategic orientations of the new reinsurance company, its growth ambitions, the level of capital allowing it to reach its ambitions and the structure of its shareholding.
Finactu has already identified several prospective strategic partners interested in the reinsurance venture and has started discussions and talks to discuss the terms and conditions of the strategic partnership and select the ideal partner for the new company.
Cameroon previously had a national reinsurer, the Caisse Nationale de Reassurance (CNR), which was wound up in 2000.