Continental Re announces 100% ownership of Botswana subsidiary

[divider style=”solid” top=”20″ bottom=”20″][dropcap]C[/dropcap]ontinental Reinsurance Plc is pleased to announce a change in the ownership structure of Continental Reinsurance Ltd (Botswana).

After its recent acquisition of a minority 40% stake in the company, through its holding company, CRe African Investments Limited (“CRAFIL”), from Botswana Insurance Company Ltd (BIC), Continental Reinsurance now holds 100% of the issued ordinary share capital in the subsidiary.

Group Managing Director, Dr Femi Oyetunji, commented: “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.”

“Building on our talent growth and diversity strategy, we have appointed Mr Francis Nzwili,
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,” he added.

The acquisition entrenches Continental Re’s stature as a strong pan-African reinsurance brand committed to delivering value to its customers and long-term sustainable profit growth and returns for all internal and external stakeholders. As at half-year 2020, the Group has reported strong growth across all key metrics.

Gross premium income at N26.8 billion (USD 71.7 million) reflects a 27 per cent growth over 2019. Underwriting
profit at N2.7 billion (USD 6.9 million) grew by 442 per cent (2019: N457 million /USD 1.3 million).

Investment and other income at N1.4 billion/USD 4.6 million (2019: N1.2 billion/USD 3.6 million)
reflect a 30 per cent year on year growth. Profit before tax at 4.4 billion/USD 12.3million (2019:
N1.1 billion/USD 3.1million) represents a 300 per cent increase.

“The strong contribution to the Group’s half-year results from our entire network with offices in
Anglophone West Africa, East Africa, Southern Africa, CIMA and North Africa, is a testament to
the resilience wrought by our operating model that is anchored on geographic diversity.

We shall continue to adapt and improve this model as we strive for superior efficiency,” said Dr Oyetunji.
“These results come as we brace for the impact of the Covid-19 crisis that continues to unfold.

We remain cautiously optimistic regarding prospects for the year, overall, and, in conjunction with our partners, we look forward to better times ahead. We remain fully committed to playing our part in supporting our partners and the wider community through the pandemic, including prioritizing financial donations through industry bodies in our various jurisdictions for sustainable and equitable use for the benefit of local citizens.”

Also Read

Industry raises concerns on shrinking market due to unpredictable tax measures

KAM, UNIDO launch Competitive Industrial Performance (CIP) Index

theafricalogistics

Recent Posts

Union Pacific and Norfolk Southern in Advanced Merger Talks: A New Era for U.S. Freight Rail?

In a potential game-changing development for the U.S. freight rail industry, Union Pacific (NYSE: UNP)…

3 days ago

Student Loan Forgiveness Under IBR Paused Amid System Overhaul, But Not Canceled

The U.S. Department of Education has confirmed a temporary pause in processing student loan forgiveness…

5 days ago

Telkom Unveils New Logo and Brand Identity in Strategic Repositioning Drive

Telkom has officially unveiled its refreshed logo and visual identity as part of a broader…

6 days ago

Alaska Airlines Resumes Flights After Nationwide Grounding Caused by IT Outage

Alaska Airlines has resumed flight operations after a widespread IT outage forced the temporary grounding…

7 days ago

Top New Online Slots to Keep an Eye Out for in July 2025

If you’re aged 18 or above, live in South Africa, enjoy playing feature-rich online slot…

1 week ago

FlySafair Braces for Turbulence as Pilots Threaten Strike Over Wage Dispute

FlySafair, one of South Africa’s top low-cost carriers, is preparing for possible disruptions as its…

2 weeks ago