Continental Reinsurance acquires 100% stake in Botswana subsidiary

Continental Reinsurance Plc has announced a change in the ownership structure of Continental Reinsurance Ltd (Botswana).

After its recent acquisition of a minority 40 percent stake in the company, through its holding company, CRE African Investments Limited (CRAFIL), from Botswana Insurance Company Ltd (BIC), Continental Reinsurance now holds 100 percent of the issued ordinary share capital in the subsidiary.

Femi Oyetunji, group managing director, commented: “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.”

“Building on our talent growth and diversity strategy, we have appointed Francis Nzwili, previously with our Nairobi subsidiary, as managing director of the Botswana business. Francis comes on board with a wealth of experience in underwriting and business development that significantly complements the strength of the existing team.

The position of Managing Director was previously held by Cas Hansa who has taken up new strategic responsibilities as Group Head: Underwriting and Claims,” he added.

The acquisition entrenches Continental Re’s stature as a strong panAfrican reinsurance brand committed to delivering value to its customers and long-term sustainable profit growth and returns for all internal and external stakeholders.

As at half-year 2020, the Group has reported strong growth across all key metrics. Gross premium income at N26.8 billion ($71.7 million) reflects a 27 percent growth over 2019. Underwriting profit at N2.7billion ($ 6.9 million) grew by 442 percent (2019: N457million /$ 1.3million).