The acquisition of Continental Reinsurance (Botswana) is expected to strengthen the company’s presence across pan-Africa and is committed to offering value to its customers
Continental Reinsurance, a Nigerian reinsurance company, has announced that its Botswana subsidiary, Continental Reinsurance (Botswana) is now its 100% subsidiary.
The acquisition was completed by its holding company CRe African Investments Limited (CRAFIL) which had acquired a 40% stake from Botswana Insurance Company (BIC).
The acquisition is expected to strengthen Continental Re’s position in pan-African reinsurance market as it is committed to delivering value to its customers and long-term sustainable profit growth and returns to its stakeholders.
Continental Re has committed to deliver sustainable growth and returns
Continental Reinsurance group managing director Femi Oyetunji said: “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 Mr 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 Mr Cas Hansa, who has taken up new strategic responsibilities as Group Head: Underwriting and Claims.”
The company had also reported a profit before tax of NGN4.4bn ($12.3m) for the first half of this year, a 300% increase compared to NGN1.1bn ($3.1m) for the same period last year.
Its gross premium income for the period stood at NGN26.8bn ($71.7m), a 27% increase compared to last year.
Continental Reinsurance has reported an underwriting profit of NGN2.7bn ($6.9m), a 442% increase compared to NGN457m ($1.3m) for the corresponding period of 2019.
Oyetunji added: “The strong contribution to the Group’s half-year results from our entire network with offices in Anglophone West Africa, East Africa, Southern Africa, CIMA and North Africa, is a testament to the resilience wrought by our operating model that is anchored on geographic diversity.
“We shall continue to adapt and improve this model as we strive for superior efficiency.”