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Emerging Capital Partners exits Continental Reinsurance Plc
Lagos, Nigeria, Capital Markets in Africa — Emerging Capital Partners (ECP), an international private equity firm focused on investing across the African continent, along with its investment partners, announces the sale of C-Re Holding Limited (“C-Re Holding”) to Saham Finances S.A (“Saham”), the insurance arm of Saham Group. C-Re Holding holds a 53.6% stake in Continental Reinsurance Plc (“Continental Re”), a private reinsurance company in Africa, excluding South Africa.
Under ECP’s ownership, Continental Re has grown to become a pan-African reinsurer operating across the continent with a presence in Nigeria, Cameroon, Botswana, Cote d’Ivoire, Kenya and Tunisia. During its holding period, ECP and its investment partners supported the recapitalization of the business, strengthened the senior management team and facilitated its regional expansion to support Continental Re’s growth ambitions.
Commenting on the sale, Hurley Doddy, Co-Chief Executive Officer of ECP and outgoing Chairman of Continental Re said: “ECP’s investment in Continental Re highlights how we partner with high growth companies with proven business models and transform them into regional champions. With ECP’s support, Continental Re has grown from a primarily Nigerian focused business into a leading pan-African reinsurer, increasing its presence on the continent from two to six countries. We believe that Continental Re will leverage Saham’s industry expertise and relationships across the continent to further achieve its goals in Africa and create value for shareholders”
Continental Reinsurance is a composite reinsurer, operating in more than 44 countries across the African continent. It has offices in Nigeria, Kenya, Cameroon, Côte d’Ivoire, Tunisia and Botswana and is rated B+ (Good) by AM Best.
Saham Finances, the insurance arm of the Saham Group, is actively following its growth strategy in Africa and the Middle East. It is present in 24 countries through 49 subsidiaries, including 28 insurance and reinsurance companies through 650 branches throughout Africa.