Continental Reinsurance Plc has announced 100% ownership of its Botswana subsidiary, as it posts strong growth in its H1 2020 results.
In a bid to continue in its quest for geographical diversity, Continental Reinsurance Plc announced, that it has acquired a minority 40% stake in its Botswana subsidiary, known as Continental Reinsurance Ltd (Botswana), through its holding company – CRe African Investments Limited (“CRAFIL”).
This is contained in a press release released September, 10 and signed by the firm’s Group Communications Manager, Elsie Mbera.
The acquisition means, Continental Reinsurance Plc now holds 100% of the issued ordinary share capital in the subsidiary, effectively announcing a change in the ownership structure of Continental Reinsurance Ltd (Botswana).
On the rationale behind the deal, the Group Managing Director, Dr Femi Oyetunji, was quoted saying: “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.”
On who will lead its newly acquired Botswana subsidiary, Dr Femi added that, “Building on our talent growth and diversity strategy, we have appointed Mr Francis Nzwili as Managing Director. 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.”
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.
