The West African Development Bank (BOAD) has signed an agreement with Africa Specialty Risks (ASR) to carry out a feasibility study on the creation of an insurance captive.

ASR will support BOAD in setting up and managing the captive. According to a statement published on the BOAD website, this initiative will allow the bank to obtain greater financial flexibility and greater resilience in managing specific risks. The collaboration between BOAD and ASR reflects the commitment of both organizations to strengthen risk management practices and to stimulate sustainable economic development in West Africa

According to President of BOAD, Serge Ekué, “this feasibility study is a major step forward in strengthening risk management and financial resilience in Africa. from the West. BOAD is resolutely committed to using the credit insurance market to better manage its financial risks and increase its capacity to promote sustainable economic growth

For his part, Mikir Shah, CEO of ASR, said, “Our partnership with BOAD is a testament to ASR's expertise and our commitment to being a leading provider of captive solutions for institutions that drive economic progress in Africa.”

Noted that ASR provides comprehensive risk mitigation solutions through high-quality underwriting to local and international clients across Africa and the Middle East, with operations in London, Mauritius, Bermuda, Bermuda, Morocco and Dubai.

BOAD for its part is the joint financial institution for the development of the member countries of the West African Economic and Monetary Union (UEMOA). It is an international public institution whose purpose is to promote the balanced development of member states and to promote the economic integration of West Africa by financing priority development projects