BOTSWANA – Continental Reinsurance has announced a change in the ownership structure of Continental Reinsurance Ltd (Botswana) and the appointment of Francis Nzwili as the managing director.
After its recent acquisition of a minority 40 per cent stake in the company through its holding company, CRAFIL from Botswana Insurance Company Ltd (BIC), Continental Reinsurance now holds 100 per cent of the issued ordinary share capital in the subsidiary.
“The acquisition means not only growth in economic size but also presents us with an opportunity to enhance our strategic influence and broaden our market appeal through the expansion of stakeholder segments that we actively interact with,” Group Managing Director, Femi Oyetunji said.
“Building on our talent growth and diversity strategy, we have appointed Francis Nzwili, previously with our Nairobi subsidiary as Managing Director of the Botswana business. Francis comes on board with a wealth of experience in underwriting and business development that significantly complements the strength of the existing team,” he added.
The position of managing director was previously held by Cas Hansa who has taken up new strategic responsibilities as Group Head: Underwriting and Claims.
The group’s half year 2020 results showed reported growth across all key metrics with gross premium income at USD 71.7 million reflecting a 27 per cent growth over 2019.
Underwriting profit at USD 6.9 million grew by 442 per cent compared to USD 1.3 million in 2019.
Investment and other income grew by 30% to stand at USD 4.6 million from USD 3.6 million in 2019.
Profit before tax stood at USD 12.3million compared to USD 3.1million in 2019 representing a 300% increase.
Continental Re has networks in Anglophone West Africa, East Africa, Southern Africa, CIMA, and North Africa.
The results come as the financial services sector in Africa braces itself for the impact of the Covid-19 crisis that continues to unfold as most institutions remain cautiously optimistic regarding prospects for the year performance.
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