Continental Re Opens BWP2.13 Billion Public Offer on Botswana Stock Exchange

  By Alain kabinda 

GABORONE, Botswana — Continental Reinsurance Holdings Limited has opened a BWP2.13 billion (US$156.1 million) public offer on the Botswana Stock Exchange (BSE), in a landmark transaction that could make the company the first reinsurer listed on Botswana’s capital market. 

The offer gives retail and institutional investors an opportunity to take part in the ownership of a pan-African reinsurance group with more than four decades of industry experience. Subject to the successful completion of the offer and admission to trading, Continental Re Holdings will become the first reinsurer listed on the BSE. 

Shares are being offered at BWP1 each, with a minimum application of 200 shares, or BWP200. 

Of the total proceeds, BWP409 million (US$30 million) will be raised by the Group to finance its next phase of growth, while BWP1.72 billion (US$126.1 million) will facilitate the exit of existing shareholders. 

The company said the capital raised will be used to strengthen its balance sheet and support its ambition of progressing towards an A financial strength rating. It also plans to expand its core underwriting operations, scale its capital-light Alternative Risk Solutions business and invest in digital infrastructure. 

“For over 40 years, Continental Reinsurance has been at the heart of Africa’s insurance story, absorbing risk, enabling growth, and ensuring that when the unexpected happens, Africa’s insurance market can respond,” Group Managing Director Lawrence Mutsunge Nazare said. 

                                            (Mr. Lawrence Mutsunge Nazare)

He described the public offer as the next step in the company’s development and said the listing would deepen Continental Re’s commitment to Botswana while opening a new chapter of public ownership for the pan-African reinsurer. 

Continental Reinsurance Holdings is a Botswana-domiciled holding company incorporated in November 2023 to consolidate and extend the Group’s African reinsurance operations. 

The Group provides life and non-life reinsurance across business lines including property and engineering, casualty and liability, marine and aviation, energy and political risks, agriculture and life insurance. 

Its operations span more than 50 African countries and the Middle East, with regional hubs in Lagos, Nairobi, Gaborone, Douala, Abidjan and Tunis. The Group employs 144 professionals representing more than 10 nationalities, with women accounting for more than 40% of its workforce. 

The public offer comes after an improvement in the Group’s financial performance. 

For the 2025 financial year, Continental Re reported gross written premiums of US$165.6 million, equivalent to about BWP2.27 billion, representing year-on-year growth of 5.5%. 

Insurance revenue reached US$173.1 million, while profit before tax rose by more than 50% to US$9.7 million, or approximately BWP105 million. 

The Group's loss ratio stood at 33%, while its combined ratio improved to 92%, compared with 94% in 2024. 

Continental Re said the performance reflects its focus on disciplined underwriting and provides a platform for further expansion across African markets. 

The listing comes as the African reinsurance market continues to offer significant expansion opportunities, supported by relatively low insurance penetration, increasing infrastructure investment, climate-related risks and regulatory initiatives aimed at retaining more insurance premiums within the continent. 

According to figures cited by the company, African reinsurance premiums increased by about 89% in the decade to 2024, outpacing the growth of the continent’s direct insurance market. 

The African reinsurance market was valued at more than US$6.27 billion in 2024, representing about 1.6% of the global market. Non-life business dominates the market, accounting for approximately 87.5%, while life reinsurance represents the remaining 12.5%. 

Kenya, Nigeria, Egypt, South Africa, Morocco and Algeria are among the continent’s leading reinsurance markets. 

For Botswana, the transaction also carries significance beyond Continental Re itself. The proposed listing supports efforts to deepen the country’s capital markets by introducing a new financial-services sector to the local exchange and broadening investment opportunities for domestic investors.