Continental Reinsurance Plc has notified The Nigerian Stock Exchange that it has registered a subsidiary company known as Continental Property and Engineering Risk Services Proprietary Limited in South Africa. The new company for the time being is a wholly owned subsidiary of Continental Reinsurance Plc.
The company will provide risk services and underwriting support for the following lines of property and engineering business:
- Contractor’s all risks
- Commercial fire assets, all risks material damage and loss of profits
- Erection all risks;
- Contractor’s plant and machinery;
- Civil engineering completed risks;
- Electronic equipment;
- Deterioration of stock;
- Machinery loss of profits;
- Principal’s advanced project;
- Comprehensive project; and
- Comprehensive machinery.
The new company was established to meet the growing demand for specialist engineering insurance risk advisory services that is currently driven by Africa’s infrastructure and construction boom.