Reinsurance firm plans new acquisitions to drive growth

By Standard Reporter

Kenya: The pan-African reinsurance company, Continental Reinsurance is planning new acquisitions to drive its expansion on the continent.

The firm which already has a subsidiary in Nairobi is eyeing a larger share of the African reinsurance market through regional expansion driven by growing its existing business, establishing new regional subsidiaries, and acquisitions.

The company, which already has a presence in Nigeria, Kenya, Cameroon and Cote d’Ivoire underwrites businesses across 43 African countries.Group Managing Director and Chief Executive Officer Olufemi Oyetunji said additional offices would be opened in Tunisia this month and Botswana in May.

Premiums in africa

 “We believe that Africa must have strong and large insurance institutions so that we can keep African premiums in Africa,” he said.

“We see opportunities in organic growth and we see opportunities in acquisitions. As I speak, we have entered into discussions with reinsurance companies in West Africa, East Africa and in Southern Africa,” added Dr Oyetunji.

As part of acquisition and regional expansion, the company plans to raise additional capital, a process which has already been approved by the Board of Directors and is ongoing. The firm has entered into special co-operative agreements with SCR Morocco and SCG Re Gabon among other reinsurance companies.

The company is also developing its engineering services capability to meet the rising demand for the services across Africa and also actuarial analytic services to meet the prevailing shortage on the continent.

As part of Continental Re’s efforts to upscale African insurance skills, the company will run a series of training sessions in different regions across Africa.

Dr Oyetunji said the training  excercise will meet local market needs and fill knowledge gaps.