In 2016, African Capital Alliance (ACA) and Sanlam Group acquired a significant stake in Continental-Re through the Capital Alliance Private Equity IV (CAPE IV) fund.
In line with its vision to be the premier pan-African reinsurer, Continental Re now conducts business in more than fifty African countries serviced from six regional offices in Nigeria, Cameroon, Botswana, Côte d’Ivoire, Kenya, and Tunisia. In addition to pursuing a pan-African expansion strategy, ACA is working with Continental-Re on improving other key metrics including raising the business’ credit rating from “B-” to “A”. In 2020, when yields on fixed-income securities were low due to the COVID-19 pandemic, Continental-Re’s underwriting business in Africa delivered positive results, mitigating the pressures of a low-investment-yield environment.
As of 2020, Continental-Re’s clientele base had grown by 25% and employee numbers by 17% since ACA’s investment in 2016. Continental-Re’s profit has increased over 300% year on year.
Continental-Re’s focus on providing affordable risk management services to underserved segments has led it on a campaign to champion the adoption of agriculture insurance by smallholder farmers across Africa. Continental-Re works with various organizations, governments and insurers to protect the livelihoods of the most vulnerable farmers by providing affordable crop protection schemes.
As a market leader, Continental-Re hosts an annual CEO Summit to engage with industry leaders on topical issues. As part of its efforts in raising awareness of the re/insurance sector in Africa, the company sponsors the annual Pan-African Re/Insurance Journalism Awards where it recognizes business journalists who have, through their articles, sought to increase the public’s understanding of the re/insurance sector.