Continental Re plans new acquisitions

Pan-African service reinsurer Continental Reinsurance is seeking more acquisitions to drive its expansion throughout Africa.

Continental Re has said it plans to acquire a larger share of the African reinsurance market through regional expansion from organic growth and acquisitions.

Group managing director and chief executive officer Femi Oyetunji said additional offices would be opened in Tunisia this month and Botswana in May.

Oyetunji said: “We see opportunities in organic growth and we see opportunities in acquisitions. As I speak, we have entered into discussions with reinsurance companies in West Africa, East Africa and in Southern Africa. We believe that Africa must have strong and large insurance institutions so that we can keep African premiums in Africa.”

The company also plans to raise additional capital, a strategy that has been approved by the board and shareholders.

“What we have all agreed upon at Continental Re is that we cannot achieve our vision and our goal by doing things the same way or by marginal incremental growth.

“It was obvious that we had to stir up the market, be innovative and think outside the box. For example, we are developing our engineering services capabilities, our actuarial analytics services capabilities, and other specialist skills. This is what we are bringing to our clients.”