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The BWP409 million in new proceeds will be used to strengthen the group’s balance sheet, support its pursuit of an A financial strength rating, expand its core underwriting business
NEWS ANALYSIS | THE INDEPENDENT | Africa’s re-insurer, Continental Reinsurance Holdings Limited, has opened a $156.1 million public offer on the Botswana Stock Exchange, paving the way for the first listing of a reinsurer on the country’s bourse.
The offer, which opened on Aug. 5 and closes on Sept. 16, comprises $30 million in new capital to finance the group’s expansion and $126.1 million to provide an exit for existing shareholders.
The shares are being offered at $0.07 , with a minimum application of 200 shares.
If completed as planned, the listing on Oct. 5 will make Botswana-based Continental Re Holdings the first reinsurer to trade on the Botswana Stock Exchange and give retail and institutional investors direct exposure to a pan-African reinsurance business.
The transaction also comes as Botswana seeks to deepen its capital markets under the Financial Services & Digitalisation pillar of its Economic Transformation Programme.
“For over 40 years, Continental Reinsurance has been at the heart of Africa’s insurance story, absorbing risk, enabling growth, and ensuring that wreinsurerhen the unexpected happens, Africa’s insurance market can respond,” Group Managing Director Lawrence Mutsunge Nazare said.
“Through this public offer, we are taking the next step towards becoming the first reinsurer listed on the Botswana Stock Exchange, deepening the Group’s commitment to Botswana as its home market and opening a new chapter of public ownership for pan-African reinsurance,” he said.
The $30.39 million in new proceeds will be used to strengthen the group’s balance sheet, support its pursuit of an A financial strength rating, expand its core underwriting business and grow its capital-light Alternative Risk Solutions unit.
The group also plans to invest in digital infrastructure to improve efficiency and responsiveness to clients, Nazare said.
Continental Re Holdings, incorporated in Botswana in November 2023, provides life and non-life reinsurance across more than 50 African countries including Uganda and the Middle East.
Its business covers property and engineering, casualty and liability, marine and aviation, energy and political risks, agriculture and life insurance.
The group operates through regional hubs in Lagos, Nairobi, Gaborone, Douala, Abidjan and Tunis, employing 144 people from more than 10 nationalities. Women account for more than 40% of its workforce.
Profits growth
Continental Reinsurance reported gross written premiums of $165.6 million in 2025, up 5.5% from the previous year, while insurance revenue stood at $173.1 million.
Profit before tax rose by more than 50% to $9.7 million, while the loss ratio was 33%. Its combined ratio improved to 92% from 94% in 2024.
The company is seeking to raise capital as Africa’s reinsurance industry expands, supported by low insurance penetration, infrastructure investment, rising climate-related risks and efforts by regulators to retain more premiums within the continent.
African reinsurance premiums increased by about 89% in the decade to 2024, outpacing growth in the continent’s direct insurance market, according to the company. Africa’s reinsurance market was valued at more than $6.27 billion in 2024, accounting for about 1.6% of the global market.
Non-life business accounts for about 87.5% of the African reinsurance market, with life reinsurance making up the remainder.
Continental Reinsurance said its public offer would give investors an opportunity to participate in a business with more than four decades of underwriting experience and operations across much of the African continent.
The prospectus was issued on Aug. 4, with the public offer opening on Aug. 5. The offer closes on Sept. 16, ahead of the planned Oct. 5 listing.
