Continental Re Explains Reasons for On Going Public Offer
EbereNwoji
Continental Reinsurance Holdings Limited, has said that its on going public offer was targeted at giving both retail and institutional investors the opportunity to participate in growing African insurance markets.
Meanwhile the Pan African Reinsurance firm’s public offer has continued to build momentum as investors take a closer look at it as one of the Africa’s leading reinsurers and long-term growth opportunity presented by the continent’s insurance sector.
According to the group’s Managing Director, Lawrence Mutsunge Nazare, the public offer gives investors an opportunity to understand the company’s business, markets and future growth plans.
He said Continental Re has spent more than 40 years helping insurers across Africa absorb risk, build resilience and support economic growth. He said through the public offer, the reinsurance giant was inviting investors to participate in the next phase of its journey.
“The $30 million in fresh primary capital will strengthen our underwriting capacity, support solvency and rating resilience, and help scale our alternative solutions business. It will also support our aspiration to strengthen our financial strength rating over time, positioning Continental Re to serve even more clients across the continent. We believe our disciplined underwriting, strong governance, pan-African footprint and long-term growth strategy provide a compelling investment proposition, and we look forward to welcoming new shareholders,” he stated.
Nazare said proceeds from the public offer would support Continental Re’s next phase of growth by strengthening the group’s capital base, expanding its alternative solutions business.
Supporting its aspiration toward a stronger financial strength rating over time.
Supporting continued investment in technology and operational capability across Africa.
He said the group’s alternative solutions business is a key part of this strategy as it uses Continental Re’s pan-African distribution and underwriting capabilities to originate and structure African risks for placement with highly rated global capacity.