Continental Reinsurance Plc has notified the Nigerian Stock Exchange (NSE) that a private equity firm, Emerging Capital Partners, has concluded plans to sell its 50.6 per cent stake in the company.

Emerging Capital Partners is the majority shareholder in Continental Reinsurance, which has operations in Cameroon, Ivory Coast, Kenya, Nigeria and Tunisia.

The private equity firm first invested $25.8 million in the insurer in 2007 for a 30 per cent stake, which helped increase its underwriting capacity to $80 million from $15 million.

Continental Reinsurance, Nigeria's second-largest insurance firm, covers life and non-life business, did not give any reason for the sale.

Insurance companies in Africa's largest economy are betting on growing premiums as Nigeria develops its infrastructure and a consumer class that would demand protection from risk.

Source: THISDAY
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