A West African re-insurance firm, Continental Re-insurance, has launched a local subsidiary to tap in to East Africa’s emerging oil and gas industry.
The firm with experience in the oil industries of West African markets seeks to compete for the slice regionally. “We have a strength in the reinsurance sector as it is huge in Nigeria. Continental Re has had immense experiencing in re-insuring,” said Femi Oyetunji chief executive Continental Re-insurance in Nairobi at the launch. Recent oil finds in Kenya and Uganda as well as gas in Tanzania that increased the focus on the region as a potential oil producer.
Oyetunji said the subsidiary has been capitalised to a tune of Sh500 million, which will be increased to Sh800 million over a year. The local operation will cater for 22 countries in Eastern and Southern Africa. The move follows the Kenya Re-Insurance’s bid to open offices in West Africa.
By Macharia Kamau
