NSIA Insurance is a licensed short-term insurance company established in 2010 following an acquisition of more than 80% in CDH Insurance by Groupe NSIA (“NSIA Participations” or “the group”). NSIA Participations is a large regional group, which has brand presence in 13 West and Central African countries predominantly through majority direct or indirect shareholdings in co-branded subsidiaries and associates. The group is headquartered in Ivory Coast and focuses mainly on the insurance, banking and finance sectors. Following a rights issue that was successfully concluded towards the end of 2021 (valued at about USD3m), the group retained its controlling stake in NSIA Insurance with a shareholding of c. 97%.
NSI Insurance is small in the context of the broader group, representing about 2% of consolidated gross premiums. As a result, we conduct the analysis on a standalone basis, with considerations for group support up to the applicable threshold.