Continental Reinsurance Holdings Limited says it has opened its public offer on the Botswana Stock Exchange (BSE), with proceeds from the listing going towards funding its growth ambitions and supporting local capital market amongst others.
The Botswana-domiciled reinsurer said in a market update that the offer comprises total proceeds of P2.13 billion (USD 156.1 million), consisting of P409 million (USD 30 million) to fund the group’s next phase of growth and P1.72 billion (USD 126.1 million) for the exit of existing shareholders.
According Continental Reinsurance, shares are offered at P1.00 per share, with a minimum application of 200 shares (BWP 200). The listing also advances a national priority, which is the deepening Botswana’s capital market under the Financial Services & Digitalisation pillar of the Botswana Economic Transformation Programme.
Group Managing Director, Lawrence Mutsunge Nazare, stated that through the public offer, the company is taking the next step towards becoming the first reinsurer listed on the BSE, deepening the group’s commitment to Botswana as its home market and opening a new chapter of public ownership for pan-African reinsurance.
“The USD 30 million we raise goes directly to work – strengthening our balance sheet and accelerating our path toward an A financial strength rating, growing our core underwriting business, scaling our capital-light Alternative Risk Solutions unit, and investing in the digital infrastructure that will make us a more efficient and responsive reinsurer for clients across Africa,” he said.
“To every prospective investor: this is an invitation to own a stake in a company operating across 50 African countries, generating over USD 173 million in annual revenue, and built on four decades of disciplined underwriting. We are proud to list here, and we look forward to growing together.”
Following the listing, Continental Re Holdings is expected to become the first reinsurer listed on the BSE, representing a significant milestone for both the group and Botswana’s capital markets.
The public offer opens four decades of pan-African reinsurance expertise to both retail and institutional investors while supporting the continued development of Botswana’s capital markets.
Continental Reinsurance Holdings Limited is a Botswana-domiciled holding company incorporated on 21 November 2023, established to consolidate and extend the Group’s legacy of innovation, reliability, and performance in African reinsurance.
The group provides composite reinsurance across the full spectrum of Non-Life and Life business lines – including Property & Engineering, Casualty & Liability, Marine & Aviation, Energy & Political Risks, Agriculture, and Life Insurance – to insurance companies across more than 50 African countries and the Middle East.
It operates through six regional hubs in Lagos, Nairobi, Gaborone, Douala, Abidjan, and Tunis, employing 144 professionals from more than 10 nationalities, with women representing over 40% of the workforce.