Britam acquires 30 pc of Continental Re for Diversified Growth

Britam acquires 30 Pc  of Continental Re for diversified growth

Britam Holdings has made an acquisition of a 30 percent stake in Continental Reinsurance Company (Kenya) Limited (Continental Re) for Sh763.78 million in the year ended December 2024, as part of a strategic effort to diversify its revenue base.

The stake was acquired through Britam Life Assurance Company (Kenya) Limited’s investment in unquoted equity funds related to BAAM Investment Partners One Limited Liability Partnership (LLP) and BAAM Investment Partners Two LLP.

Each LLP holds a 15 percent stake in Continental Re, hence, Britam effectively owns a 30 percent shareholding in Continental Re through the two LLPs following the acquisition.

The same is accounted for using the equity method at Group as an associate.

Britam is a diversified financial services group and listed on the Nairobi Securities Exchange, and operates in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

This major investment in a reinsurer is intended to further expands Britam’s revenues.

Continental Reinsurance Group is a Pan-African reinsurer based in Lagos, Nigeria, with business lines covering treaty and facultative life and non-life.

Meanwhile, the firm operates from six strategic locations across the continent through a combination of regional and subsidiary offices, and is rated good for financial strength by global credit rating agency, AM Best.