WENDEL Casablanca, 16thSeptember 2015
PRESS RELEASE
16thseptember 2015,SAHAM Finances announcedthe acquisition, by the ECP fund II led consortium, of a53.6% share of the Nigerian reinsurances company, Continental Reinsurance PLC.
This is part of the continual expansion plan of the group; this acquisition allows SAHAM Finances to consolidate its development in Africa.
Created in 1985, Continental Reinsurance PLC is based in Nigeria and represents one of the main regional stakeholders in the reinsurance market. The company enjoys significant geographic coverage with 6 regional offices across the continent (Nigeria, Cameroon, the Ivory Coast, Botswana, Kenya and Tunisia), working in 44 different countries. Continental Reinsurance PLC offers a full suite of both treaty and facultative non-life and life reinsurance products. The company floated on the Nigerian Stock Exchange in 2007.
One of the biggest Pan African insurance group, SAHAM Finances recorded a turnover of more than 1 billion USD in 2014. As the insurance arm of the SAHAM Group, SAHAM Finances is actively following its growth strategy in Africa and the Middle East. It is present in 26 countries through 49 subsidiaries, including 28 insurance and reinsurance companies through 650 branches throughout Africa and has a team of 3 000 collaborators.
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