Lomé, 10 February 2025 – the West African Development Bank (“BOAD’) and Africa Specialty Risks (“ASR”, the “Group”) announced a new partnership to conduct a feasibility study on a captive insurance entity. Under the agreement, ASR will act as a service provider, leveraging its expertise to support BOAD in the establishment and management of the captive.
This collaboration underscores both organisations commitment to strengthening risk management practices and driving sustainable economic development across West Africa.
By adopting the ‘originate to distribute’ approach, the Bank is currently leveraging the credit risk insurance market to optimise capital allocation, expand operational capacity and improve both portfolio quality and risk profile. The exploration of a captive insurance entity represents the next evolution of BOAD’s strategy, offering the Bank greater control, financial flexibility and resilience in managing risks associated with its development projects.
A captive would provide a mechanism to retain and manage specific risks, potentially leading to more efficient use of capital and enhanced support for critical projects within WAEMU member states.
Serge Ekué, President and Chairman of BOAD commented : « This feasibility study is a major step forward strengthening risk management and financial resilience across West Africa. BOAD is committed to using the credit insurance market to manage its financial risk and increase its ability to promote sustainable economic growth. »
Mikir Shah, CEO of ASR commented : « Our partnership with BOAD underscores ASR’s expertise and commitment to being a leading captive solutions provider for institutions driving economic progress in Africa. We are proud to support BOAD’s strategic goals and contribute to a more resilient and prosperous West Africa. »
About The West African Development Bank
The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Economic and Monetary Union (WAEMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. As of October 15 2023, the Bank has been co-chairing alongside Bancoldex, the Colombian Business and Export Development Bank, the International Development Finance Club (IDFC) which brings together 27 national, regional and multilateral development banks from around the world.
About ASR
Africa Specialty Risks (ASR) provides comprehensive risk mitigating solutions through high quality underwriting to local and global customers across Africa and the Middle East, with operations in London, Mauritius, Bermuda, Morocco, Dubai. Since its launch, ASR participated in the de-risking of $23 bn of projects and assets across 63 countries.
In addition to our Bermuda and Mauritius reinsurers, ASR’s unique co-reinsurance model involves collaborating with local and international (re)insurance companies. In 2024, ASR launched Syndicate 2454, it is the first African focused syndicate writing business at Lloyd’s.
Across the group, ASR underwrites across Political Risk, Trade Credit, Political Violence & Terrorism, Property, Energy, Construction, Liability, Parametric and Treaty. ASR also offers an end-to-end captive solution to corporate and financial institutions.
ASR is backed by Helios Investment Partners’ Fund IV and benefits from their extensive reach across Africa, as well as their knowledge and experience in our key markets.
For further information
Communication and Public Relations Department
Tel : + 228 22 23 25 65 / WhatsApp : +228 99 99 32 15
Fax : + 228 22 23 24 38
Email : boadsiege@boad.org
