Tectono Business Review gathered
that Continental Reinsurance Holding holds a 53.6 per cent stake in Continental Reinsurance Plc
(Continental Re), the leading private reinsurance company in Africa, excluding
South Africa.
Under the
ownership of ECP, Continental Re has grown to become a leading pan-African reinsurer
operating across the continent with a presence in Nigeria, Cameroon, Botswana,
Cote d’Ivoire, Kenya and Tunisia. During its holding period, ECP and its
investment partners supported the recapitalization of the business,
strengthened the senior management team and facilitated its regional expansion
to support Continental Re’s growth ambitions.
While speaking
on the sale, Co- Chief Executive Officer of ECP and outgoing Chairman of
Continental Re, Mr. Hurley Doddy,
said: “ECP’s investment in Continental Re highlights
how we partner with high growth companies with proven business models and
transform them into regional champions. With ECP’s support, Continental Re has
grown from a primarily Nigerian focused business into a leading pan-African
reinsurer, increasing its presence on the continent from two to six countries.
We believe that Continental Re will leverage Saham’s industry expertise and
relationships across the continent to further achieve its goals in Africa and
create value for shareholders”
Continental
Reinsurance is a composite reinsurer, operating in more than 44 countries
across the African continent. It has offices in Nigeria, Kenya, Cameroon, Côte
d’Ivoire, Tunisia and Botswana and is rated B+ (Good) by AM Best.
Saham
Finances, the insurance arm of the Saham Group, is actively following its
growth strategy in Africa and the Middle East. It is present in 24 countries
through 49 subsidiaries, including 28 insurance and reinsurance companies
through 650 branches throughout Africa.
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