Continental Reinsurance Plc Group Managing Director, Dr. Femi Oyetunji
Continental Reinsurance Plc said it has secured regulatory approval to effect a change in its ultimate shareholding structure.
The company said in a statement that pursuant to its share transfers within C-Re Holding, explaining that the ultimate shareholding structure of the company will comprise indirect stakes held by Capital Alliance Private Equity IV Limited, (a private equity fund sponsored by African Capital Alliance, a leading independent investment firm and Saham Finances SA (the insurance arm of Saham Group).
Disclosing this recently, Group Managing Director Continental Reinsurance, Dr. Femi Oyetunji, the development is an extremely positive move for the company, which he said was very pleased to have shareholders who share in its determination to realise its vision for Africa.
He said the new structure will position Continental Reinsurance favourably to bolster its strategic objectives and strengthen what it has achieved over the past few years in terms of its pan-African foothold, expansionary plans and market positioning as the largest private pan-African reinsurer, outside of South Africa.
Oyetunji noted that the new shareholding structure is a financial transaction only and Continental Reinsurance will continue business-as-usual.
“Given the new shareholding structure, there will be continued focus on our vision and strategy. There will be no change to our strong pan-African brand or underwriting philosophy, our board will remain independent and there will be no majority shareholding for any individual organisation,” said Oyetunji.