AFRICA – Continental Reinsurance Plc, a pan-African service reinsurer based in Nigeria, has announced 100% ownership of its Botswana subsidiary, a move that effectively changes the ownership structure of the Gaborone based subsidiary.
The announcement comes against a backdrop of a strong financial performance that saw the company report a gross premium income of $71.7 million for the first half of 2020, a 27% growth over the same period in 2019.
Continental Reinsurance Plc achieved full ownership of its subsidiary in Botswana after acquiring 40% minority stake that was previously held by other shareholders.
The acquisition was made through the reinsurer’s holding company – CRe African Investments Limited (“CRAFIL”).
Continental Re says the acquisition entrenches its stature as a strong pan-African reinsurance brand and bolsters its commitment to delivering value to its customers and long-term sustainable profit growth.
“The acquisition means not only growth in economic size, but also presents us with an opportunity to enhance our strategic influence, and broaden our market appeal through the expansion of stakeholder segments that we actively interact with.”Dr Femi Oyetunji- Group Managing Director, Continental Reinsurance Plc.
The reinsurance company further made changes to the management of the Botswana subsidiary and appointed Mr Francis Nzwili as Managing Director.
Continental Reinsurance Group Managing Director Dr. Femi Oyetunji said that as Managing Director of the Botswana business, Francis comes on board with a wealth of experience in underwriting and business development having served as the company’s subsidiary in Kenya.
He further noted that Mr. Nzwili’s experience will significantly complements the strength of the existing team.
The position of Managing Director was previously held by Mr Cas Hansa, who has since taken up new strategic responsibilities as Group Head: Underwriting and Claims.
Continental Reinsurance, established in 1985, is a composite private pan-African reinsurer that has been on the continent for more than 30 years, writing business in more than 50 countries across the African continent.
It provides support to over 200 insurance companies in Africa, with its main offices in Nigeria, Cameroon, Kenya, Côte d’Ivoire, Tunisia and Botswana.
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