Page 8 - Continental Reinsurance 2022 Annual Report

06 Corporate Profile
Continental Reinsurance Plc ("the Company" or "Continental Re")
is a Pan-African reinsurance Company providing Life and Non-
Life reinsurance on both treaty and facultative portfolio with a
well-diversied business mix and customer base across Africa.
The Company was incorporated as a private reinsurance
Company in Nigeria in 1985. It commenced business as a general
reinsurer in January 1987 and became a composite reinsurer in
January 1990.
It became a public limited Company in 2000 and recapitalized
from NGN 2 billion to NGN 10 billion in 2007 and was listed on
the Nigerian Stock Exchange on 30th May 2007. However, the
company was delisted from the Nigerian Stock Exchange on
January 17, 2020, consequent upon the approval of a Scheme of
Arrangement for the restructuring of the business operations by
the shareholders.
Our Pan -African Footprint
The Company provides reinsurance services in 50 African
countries, and it is strategically located across the African
continent. The group's corporate head ofce is in Lagos, Nigeria.
It serves as the Lagos regional ofce and covers business activities technical capacity of its clients, the Company provides top-class
in the Anglophone West African Countries while its regional
ofce in Tunis covers the Northern/Maghreb/Middle East
territories and provides Takaful reinsurance offerings to the
Company's clients and partners in those regions.
In line with its strategic mission of being a Pan-African reinsurer, engineering/bond insurance etc.
the group also established three African subsidiaries as follows:
a. Continental Reinsurance Limited, Kenya established in 2011
to cover businesses in Eastern African markets.
b. Continental Reinsurance Cameroun SA was established in
2014 to cover Francophone West and Central Africa
operations.
c. Continental Reinsurance Company Limited, Botswana
established in 2014 to cover the Southern African market
excluding South Africa.
The Group also has an in-house technical 'referral competence'
called Continental Property and Engineering Risk Services
(CPERS), which services all our clients across Africa.
UNDERWRITING LIMITS
USD 40M
USD 14M
USD 10M
FIRE ENGINEERING MOTOR, POLITICAL OIL & GAS
ACCIDENT & VIOLENCE &
LIABILITY TERRORISM
USD 50 USD 40M
UNDERWRITING
LIMITS
All subsidiaries are properly licensed by their respective
regulators and are structured to fully exploit the signicant
opportunities available in the region in which they operate.
Product and Services
The Company provides world-class products and services that
cover non-life and Life treaty and facultative reinsurance,
supported by rst-class retrocessionaires in the London and
African Reinsurance markets. The products and services cut
across Fire, Energy, Marine, Liability, Accident and Life, both
individual and group life.
The Company has a well-structured, managed, and solid
investment portfolio, with a diversied investment focus that
enables it to meet future claim obligations and limit its exposure
to investment risk to preserve shareholders' capital and thereby
maximize total return on investment.
In line with its continued commitment towards developing the
insurance industry, to provide reinsurance skills required to ll
the knowledge gaps in the African markets and to enhance the
specialized training and development programmes to its
esteemed clients and the insurance industry in general on various
classes of insurance and reinsurance portfolios including re,
energy, business interruption, international reinsurance, life and
pension, motor and general accident insurance and
Credit rating
The Company is rated B+ (Good) for nancial strength by AM
Best, the world's oldest and most authoritative insurance rating
company. The rating signies that the Company has the capacity
to meet its ongoing obligations.
Continental Reinsurance is a notable brand in reinsurance in
Africa. With an emphasis on trusted relationships, the Company
will build on its diversied and protable portfolio to offer
uncompromising service and technical capability to its diverse
clients because everything it does is underpinned by the
translation of its pan-African track record and commitment into
local value.
MARINE USD 15M Facultative Facultative Capacity Per
AVIATION USD 5M Capacity Anyone Life USD 3.3M
Treaty Capacity Per
Only Anyone Life USD 1.3M
USD 5M
MARINE & BONDS & AGRICULTURE LIFE
AVIATION GUARANTEES
Treaty - As Agreed with
Cedants
Facultative
USD 3.5M