SEN RE COMPANY OR EFFECIENCY CHALLENGE

The Senegalese Reinsurance Company Ltd –SEN RE- was a simple application of the recommendations of CNUCED that would advise developing countries to organize their insurance market in order to capture the savings they generate, if necessary to fund their economy. SEN RE company was created in 1988 in public-private partnership, with assignments based on legal, given the narrowness of the Senegalese market and the concern of a balanced portfolio.

OBJECTIVES

• The primary purpose of company was to promote a certain retention of bonuses from the observation that the total reinsurance premiums that is to say 95% of national production was destined to international reinsurers.

• Also it is apt to the company to ensure market discipline in the strict application of the insurance basis.

• The training and assistance of Senegalese ceding companies were assigned to her.

• Finally an effective contribution to economic development by participating in the implementation of major projects in the country.

The creation of SEN RE Company was the starting point for the formation of hub of insurance and reinsurance in Dakar.

SOCIAL FUNDS

The division of the Capital between the State and the insurances market was quickly broken due to needs of efficiency and speed as far as concluding business is concerned.
Today, the companys social funds has come to FCFA 5 129 000 000 or $ 11 398 000 US.
Shareholders Equity is set at 5988 MILLIONS or $13 306 000 US.

OWNERSHIP

The reinforcement of the public-private partnership was acceptable. The State of Senegal has been willing to come with the insurance companies in the achievement of objectives aiming at the creation of a national reinsurance company.

LIST OF SHAREHOLDERS

State of Senegal

SONAM

AXA

AMSA

ALLIANZ

PREVOYANCE D’ASSRUANCES

CNART

NSIA

SALAMA

Assurances la Sécurité Sénégalaise

Société Centrale de Réassurances (MAROC)

Our strategic partner which is the SCR based in Morocco has accumulated a fifty year experience in the insurance sector.

SEN RE COMPANY AND THE CEDING COMPANIES

The Reinsurance offers many possibilities to its ceding companies. The benefit of proximity and the knowledge of the market allow to ceding companies find brands at both national and international level :

• Circumscribe the companies insurance needs and submit them a reinsurance plan in accordance with their financial capabities.

• Enable them to increase constantly their subscription capabilities

• Financially Assist ceding companies in case of disaster.

But all this requires an unfailing professionalism and flawless thoroughness. SEN RE Ltd has never failed in its original original mission consisting of guaranteeing its partners safety.

Areas of developments

The SEN RE operates mainly in Africa where it generates 85% of its business.
Asia accounts for 12% of its sales, as in the Middle East accounts for 2% of turnover.

the prospects

In 2009, the financial restructuring of the SEN RE required an organizational audit of the Company. The new organization will apply the principles of good governance. The result of these efforts should lead to a rating symbol of the solvency and financial strength of the SEN RE.