Morocco-based insurance company, Saham Finances, has announced the acquisition of 53.6 percent of the capital of Continental Reinsurance Plc, a reinsurance company headquartered in Nigeria and operating in 44 African countries.
Saham disclosed this in a communiqué published by the organisation recently.
Saham, which did not reveal the cost of the transaction, specified having bought a majority shareholding in the company from private equity firm Emerging Capital Partners (ECP Fund II), which controlled Continental Reinsurance for about a decade.
“Following on from the group’s expansion plan, this acquisition thus enables Saham Finances to consolidate its development in Africa”, indicated the Moroccan group in the communiqué.
This is the second operation of this type made by Saham in Nigeria, after the acquisition in November 2014 of 40 percent of Unitrust Insurance Plc.
Founded in 1985, Continental Reinsurance is presented as “one of the main regional reinsurance players”. The company listed on the Lagos Stock Exchange, supports over 200 insurance companies operating in the various sub-regions of the continent and has offices in six countries (Nigeria, Kenya, Cameroun, Côte d’Ivoire, Tunisia and South Africa).
Founded in 1995 by Moulay Hafid Elalamy, current Moroccan minister of Industry, Trade, Investment and Digital Economy, Saham group bought Pan African insurer Colina at end 2010, expanding in one fell swoop in 11 African countries.