Continental Reinsurance Announces New Shareholding Structure

By Lynette Lambert

Lagos, all-Africa – 15th February 2016 - Continental Reinsurance Plc (“the Company”), the largest private pan-African reinsurer outside of South Africa, has announced a change in its ultimate shareholding structure, following regulatory approval.

Pursuant to share transfers within C-Re Holding the ultimate shareholding structure of the Company will comprise of indirect stakes held by Capital Alliance Private Equity IV Limited, (a private equity fund sponsored by African Capital Alliance, a leading independent investment firm) and Saham Finances SA (the insurance arm of Saham Group).

The new structure
Saham has diluted their investment in C-Re Holding from 100% to 51%.

Capital Alliance Private Equity IV Limited, a private equity fund sponsored by African Capital Alliance (ACA), a leading independent investment firm focusing on the Sub-Saharan African region, has taken a 49% stake in C-Re Holding.

Dr. Femi Oyetunji, Group MD of Continental Reinsurance, said: “This is an extremely positive move for our company and we are very pleased to have shareholders who share our determination to realise our vision for Africa.

“The new structure will position Continental Reinsurance favourably to bolster our strategic objectives and strengthen what we have achieved over the past few years in terms of our pan-African foothold, expansionary plans and market positioning as the largest private pan-African reinsurer, outside of South Africa,” he said.

Oyetunji commented that the new shareholding structure is a financial transaction only and Continental Reinsurance will continue business-as-usual.

“Given the new shareholding structure, there will be continued focus on our vision and strategy. There will be no change to our strong pan-African brand or underwriting philosophy, our board will remain independent and there will be no majority shareholding for any individual organisation,” said Oyetunji.

About Continental Reinsurance
Established in 1985, and listed on the Nigerian Stock Exchange (NSE) in 2007, Continental Reinsurance provides support to over 200 insurance companies in Africa. It has operations in 44 African countries, with its main offices in Nigeria, Kenya, Cameroon, Côte d'Ivoire, Tunisia and Gaborone.

Continental Reinsurance is one of a few reinsurance companies in Africa committed to sustainable business and corporate responsibility by signing up to the UN Principles for Sustainable Insurance. Signatories to this accord commit to integrating environmental, social and governance (ESG) issues into their core business strategies and operations.
About African Capital Alliance (ACA)
African Capital Alliance (ACA) is a leading international investment firm operating in Sub-Saharan Africa, and the first institutional private equity fund manager to invest in Nigeria.

Since its formation in 1997, ACA has sponsored four private equity and one real estate fund which have, to date, achieved aggregate capital commitments of over $1b from investors. ACA has strong on-the-ground presence, which combined with its track record, has attracted the interest of leading global investors from around the world. To date, the firm has made more than 40 investments across a number of high-growth target sectors, including oil and gas, power, TMT, financial services, FMCG and business services. It also has a history of successfully exiting investments and delivering strong returns to its investors.

The firm is currently investing out of CAPE IV, a private equity fund with a target size of US$ 600 million and CAPIC I, a $165m real estate fund.

ACA in collaboration with like-minded international investors, invested over $600m in the financial services sector, including banking and insurance. ACA has demonstrable track record of providing oversight to investee companies to unlock value.
About Saham Finances
Saham Finances, the insurance arm of the Saham Group, is present in 26 countries through 49 subsidiaries, including 28 insurance and reinsurance companies through 650 branches throughout Africa and has a team of 3000 collaborators.