Continental Re expands operation in Southern Africa

Dr Femi Oyetunji, CEO and group managing director, Continental Re.PHOTO:  www.riskafrica.com

Dr Femi Oyetunji, CEO and group managing director, Continental Re.PHOTO: www.riskafrica.com

Continental Reinsurance Plc, a pan-African reinsurance company and the largest private reinsurance player outside of South Africa, is celebrating the success of its strategic growth plans to establish fully licensed subsidiaries across the African continent.

Executive director of Continental Reinsurance, Lawrence Nazare, explained that the establishment of the subsidiary in Gaborone, Botswana is part of Continental Reinsurance’s strategy to have a physical presence in all key regions on the African continent. “Gaborone is our springboard into the SADC (Southern African Development Community) region,” he says.

“It is the platform from which we will enhance service delivery to our existing customers and grow revenues through better access to a regional insurance market with huge potential. We are excited about Gaborone because it is the last milestone in the execution of the strategic goal we set ourselves four years ago, to have a geographic presence in all key geo-political and economic regions on the African continent.”

Botswana is a fast-growing economy, boasting a GDP per capita of $18,825 per yearas of 2015, one of the highest in Africa[1]. It is also the highest international rated country in Africa at A- by A.M. Best.

The General Manager of Continental Reinsurance’s subsidiary in Botswana, Samuel Rimai, affirms the importance of having an on-the-ground presence. “Botswana’s political stability, robust economic and corporate governance culture, favourable macro-economic environment and auspicious relations with neighbouring countries make it a choice location for our southern African regional office,” says Mr Rimai. “Proximity to our clients allows us to improve our insight into local markets, better understand their needs and local risk requirements and deliver locally relevant offerings.

A key component of Continental Reinsurance’s strategy is to build core competences that are geared to providing relevant solutions to Africa’s insurance and reinsurance needs.

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