Emerging Capital Partners (ECP) along with its investment partners, have announced the sale of a 53.6% share of the Nigerian reinsurance company, Continental Reinsurance, to Saham Finances, the insurance arm of Saham Group.

Created in 1985, Continental Reinsurance (Continental Re) represents one of the main regional stakeholders in the reinsurance market.

The company enjoys significant geographic coverage with six regional offices across the continent (Nigeria, Cameroon, the Ivory Coast, Botswana Kenya and Tunisia), working in 44 different countries.

Continental Re offers a full suite of both treaty and facultative non-life and life reinsurance products.
C-Re began writing non-life insurance in 1987 and listed on the Nigerian Stock Exchange (NSE) in 2007.

In February 2007, through its Africa Fund II and Central Africa Growth Sicar, ECP invested $25.8m for a 30% stake in C-Re.

Under ECP’s ownership, Continental Re has grown to become a leading pan-African reinsurer.

During its holding period, ECP and its investment partners supported the recapitalization of the business, strengthened the senior management team and facilitated its regional expansion to support Continental Re’s growth ambitions.

Hurley Doddy, Co-CEO of ECP and outgoing Chairman of Continental Re, said: “ECP’s investment in Continental Re highlights how we partner with high growth companies with proven business models and transform them into regional champions.”

“With ECP’s support, Continental Re has grown from a primarily Nigerian focused business into a leading pan-African reinsurer, increasing its presence on the continent from two to six countries. We believe that Continental Re will leverage Saham’s industry expertise and relationships across the continent to further achieve its goals in Africa and create value for shareholder,” said Doddy.

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.

“The acquisition is part of the continual expansion plan of the group; this acquisition allows Saham Finances to consolidate its development in Africa,” said Saham Finances in a statement.