ACA today announced its investment in Continental Reinsurance Plc, a private pan-African reinsurer.
Continental Reinsurance was founded in 1985 and started operations as a private reinsurance company in Nigeria. Over the past 31 years the company has expanded its operations to 44 African countries and currently serves more than 200 insurance companies through offices in Nigeria, Kenya, Cameroon, Côte d'Ivoire, Tunisia and Botswana.
By using a specialized subsidiary model, Continental Reinsurance has successfully developed highly localized insurance offerings while still maintaining a global ethos and pan-African footprint. The company continues to reinvent itself by adapting to changing industry dynamics and its strong track record and experienced management team position it well for growth.
ACA’s investment will support Continental Reinsurance to realize its ambitious growth plans. With two investments in the insurance sector over the past decade, ACA has built a track record in the sector. The firm will utilize its experience and partnership with Saham Finances SA, an experienced investor in the insurance sector, to strengthen Continental Reinsurance’s pan-African footprint.
Speaking on the investment, Mr. Paul Kokoricha of ACA said “we are pleased to support such a pan-African platform, with a successful track record, in an industry with significant room for growth in Africa. Insurance penetration in Africa is significantly low compared to peer regions. However, we have observed with keen interest the gradual aggregation of the right elements of regulatory drive, cultural reorientation, and institutional capacity. We believe these will accelerate the growth of insurance in Africa in the next 5 to 10 years. We look forward to being a part of this story through Continental Reinsurance.”
Dr. Femi Oyetunji, Group MD of Continental Reinsurance, commented on the investment deal stating: “This is an extremely positive move for our company and we are very pleased to have partners who share our determination to realize our vision for Africa.”
ACA is currently investing out of its fourth fund (CAPE IV).
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