Global reinsurance giant Swiss Re has been granted regulatory approval by the regulator for the CIMA (Inter-African Conference of Insurance Markets) region to set up a reinsurance underwriting office in Abidjan, Ivory Coast.
The underwriting office will allow Swiss Re to expand its services in the region. In addition to core reinsurance services, the company will be able to offer unique transactional opportunities and tailored insurance solutions in full compliance with the regulatory requirements for local presence and operations in the region.
The new office in Abidjan is expected to be fully operational by 1 October 2019. It will be headed by Ms Awa Kone. An Ivorian citizen, Ms Kone is currently head of West Africa for Swiss Re.
Swiss Re's establishment in Ivory Coast is the next step in the reinsurer's increasing long-term commitment to the Middle East and Africa region. It is part of Swiss Re's market presence strategy and follows the re-domiciling of Southern African P&C business to South Africa and the creation of Swiss Re Africa in 2018.
Swiss Re Ivory Coast has received approval to operate as part of Swiss Reinsurance Company, Zurich. Swiss Re Zurich is currently rated AA- (very strong) by S&P, Aa3 (excellent) by Moody's and A+ (superior) by A.M. Best; all ratings are on stable outlook.