Britam acquired 30% stake in Continental Re in 2024 to diversify earnings

Britam Holdings has acquired a 30% stake in Continental Reinsurance Company (Kenya) Limited (Continental Re) for Sh763.78 million in the financial year ended December 2024, representing a strategic move to diversify its revenue streams.

The stake was acquired through Britam Life Assurance Company (Kenya) Limited’s investment in unquoted equity funds related to BAAM Investment Partners One LLP and BAAM Investment Partners Two LLP.

Each LLP holds a 15% stake in Continental Re, and therefore, Britam effectively owns a 30% shareholding in Continental Re through the two LLPs following the acquisition. The same is accounted for using the equity method at Group as an associate.

This significant investment in a reinsurance company is expected to further diversify Britam’s earnings.

Britam is a diversified financial services group and is listed on the Nairobi Securities Exchange, and has a presence in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.

Continental Reinsurance Group is a Pan-African reinsurer headquartered in Lagos, Nigeria, offering treaty and facultative life and non-life business lines.

Currently, the firm operates from six strategic locations across the continent through a combination of regional and subsidiary offices, and is rated B+ (good) for financial strength by global credit rating agency, AM Best.

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