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