13 August 2014 News

Continental Re steps up Africa strategy

Continental Reinsurance has stepped up its plans for rapid growth in Africa, as it focuses on building its financial and technical capacity in local markets.

“We remain true to our mission of being the premier pan-African reinsurer, committed to the long term prospects of the continent. We are now stepping up how we translate this commitment to build local capacity and provide local solutions, which combined will result in industry-wide development," said Dr Femi Oyetunji, group chief executive officer of Continental Re.

The reinsurer aims to localise market development and believes it is central to bringing its pan-African strengths responsibly to new locations, as part of the company’s strategy of continued expansion.

“A sustainable presence bodes well for acceptance in these new markets and the organisation believes that its dedication to pan-African growth will be facilitated in return,” said the company.

With business activities in more than 46 countries across the continent, Continental Reinsurance intends to use its subsidiaries as hubs.

Oyetunji said: “We see localisation as a way to grow the market, yes but also to develop solutions that are more apt for the local market, and to ensure sustainability and responsible local corporate citizenship in the markets we operate in. It is also about making sure our staff understand the needs of their clients in their local markets the best, and are able to serve them well, both in terms of customer-centricity and proximity.”

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