Emerging Capital Partners, the Africa-focused private equity fund, has sold C-RE Holdings to Saham Finances, the insurance arm of the Saham Group in an undisclosed deal. Through C-Re Holdings, ECP held a 53.6% stake in Nigerian Stock Exchange-listed Continental Reinsurance, a pan-African reinsurer operating in 44 countries across the continent from offices in Nigeria, Cameroon, Botswana, Cote d’Ivoire, Kenya and Tunisia.
ECP first invested in Continental Re in February 2007 through two funds; ECP Africa Fund II PCC and Central Africa Growth Sicar. During its holding period, the private equity manager supported the recapitalization of the business, strengthened the senior management team and facilitated its regional expansion to support Continental Re’s growth ambitions.
“ECP’s investment in Continental Re highlights how we partner with high growth companies with proven business models and transform them into regional champions.” Commented Hurley Doddy, ECP’s Co-CEO and outgoing Chairman of Continental Re. “With ECP’s support, Continental Re has grown from a primarily Nigerian focused business into a leading pan-African reinsurer, increasing its presence on the continent from two to six countries. We believe that Continental Re will leverage Saham’s industry expertise and relationships across the continent to further achieve its goals in Africa and create value for shareholders.”