Emerging Capital Partners, along with its investment partners, has sold C-Re Holding Ltd. to Saham Finances S.A, the insurance arm of Saham Group. Financial terms weren’t announced. C-Re owns 53.6 percent of Continental Reinsurance, a private reinsurance company in Africa, excluding South Africa.
PRESS RELEASE
22 September 2015: Emerging Capital Partners (ECP), an international private equity firm focused on investing across the African continent, along with its investment partners, announces the sale of C-Re Holding Limited (“C-Re Holding”) to Saham Finances S.A (“Saham”), the insurance arm of Saham Group. C-Re Holding holds a 53.6% stake in Continental Reinsurance Plc (“Continental Re”), the leading private reinsurance company in Africa, excluding South Africa.
Under ECP’s ownership, Continental Re has grown to become a leading pan-African reinsurer operating across the continent with a presence in Nigeria, Cameroon, Botswana, Cote d’Ivoire, Kenya and Tunisia. 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.
Commenting on the sale, Hurley Doddy, Co-Chief Executive Officer 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 shareholders”
Continental Reinsurance is a composite reinsurer, operating in more than 44 countries across the African continent. It has offices in Nigeria, Kenya, Cameroon, Côte d’Ivoire, Tunisia and Botswana and is rated B+ (Good) by AM Best.
Saham Finances, the insurance arm of the Saham Group, is actively following its growth strategy in Africa and the Middle East. It is present in 24 countries through 49 subsidiaries, including 28 insurance and reinsurance companies through 650 branches throughout Africa.
-Ends-
About Emerging Capital Partners
Emerging Capital Partners (ECP) is a pan-African private equity firm that has raised over US$2 billion for growth capital investing in Africa. Founded in 2000, ECP was one of the first firms dedicated to Africa which, today, translates into over 60 investments and over 30 exits through seven funds. With 80% of investment professionals living and working in seven countries throughout Africa, ECP’s investment team has a deep reach into African markets and insight into the regions’ local economies.
ECP’s has a diversified set of investments with capital deployed in over 40 African countries and in various sectors including financial services, telecommunications, natural resources, agriculture and infrastructure. ECP is a signatory to the United Nations Principles for Responsible Investment (UNPRI).
For more information, please see: www.ecpinvestments.com
About Continental Reinsurance
Continental Reinsurance is a composite reinsurer, operating in more than 44 countries across the African continent. Established in 1985, and listed on the Nigerian Stock Exchange (NSE) in 2007, Continental Reinsurance provides support to over 200 insurance companies in Africa. Its main offices are in Nigeria, Kenya, Cameroon, Côte d’Ivoire, Tunisia and Botswana. It is rated B+ (Good) by AM Best.
About Saham Finances
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 24 countries through 49 subsidiaries, including 28 insurance and reinsurance companies through 650 branches throughout Africa and has a team of 2,260 collaborators.
One of the biggest Pan African insurance groups, Saham Finances recorded a turnover of more than USD 1 billion in 2014.
