Continental Reinsurance Holdings Limited is seeking to raise approximately $156.1 million through a public offer as the pan-African reinsurer looks to strengthen its capital base and expand its operations across the continent.
The offer, which opened on August 5, 2026, comprises $126.1 million from the sale of existing shares and $30 million in fresh primary capital for the Group.
The public offer, which was initially scheduled to close earlier, will now run until October 9, 2026, following approval by the Botswana Stock Exchange of a revised offer timetable.
The transaction is also set to make Continental Re the first reinsurer to pursue a listing on the Botswana Stock Exchange, with its Botswana-domiciled holding company accredited under the Botswana International Financial Services Centre framework.
According to the company, the $30 million in new capital will be used to strengthen its underwriting capacity and solvency position, while supporting the expansion of its Alternative Solutions business and investment in technology and operational capabilities across its African markets.
Lawrence Mutsunge Nazare, group managing director of Continental Reinsurance, said the fresh capital would help the company scale its operations and strengthen its financial position over time.
“The $30 million in fresh primary capital will strengthen our underwriting capacity, support solvency and rating resilience, and help scale our Alternative Solutions business,” Nazare said.
He added that the capital would also support the company’s ambition to strengthen its financial strength rating and expand its capacity to serve insurance companies across Africa.
Continental Re operates across more than 50 African countries through regional hubs in Gaborone, Lagos, Nairobi, Douala, Abidjan and Tunis.
The reinsurer has more than 900 relationships with cedants, brokers and other counterparties, with its portfolio covering property and engineering, casualty and liability, marine and aviation, energy and political risks, agriculture and life insurance.
The company’s Alternative Solutions business is expected to play a larger role in its growth strategy. The unit uses Continental Re’s distribution network and underwriting capabilities to originate and structure African risks for placement with highly rated international capacity.
The model allows the group to generate fee, commission and underwriting income while limiting the amount of risk it retains on its own balance sheet.
Continental Re reported insurance revenue of BWP2.32 billion, equivalent to about $173.1 million, in its latest financial year, while gross written premium stood at BWP2.27 billion, or approximately $165.6 million.
Profit before tax increased by more than 50 percent year-on-year to BWP105.3 million, about $9.7 million. Its loss ratio stood at 33 percent, while its combined ratio improved to 92 percent from approximately 94 percent in the previous year.
The company currently has a B+ financial strength rating from AM Best with a stable outlook, while the ratings agency assesses its balance-sheet strength as very strong.
The proposed public offer comes against a backdrop of an expanding African reinsurance market, which generated approximately $6.3 billion in gross premiums in 2024, according to figures provided by Continental Re.
The market grew by 89 percent between 2015 and 2024 but still represented only 1.6 percent of global reinsurance premiums.
Insurance penetration across Africa is also estimated at about 2.8 percent of GDP, compared with a global average of approximately 6.8 percent, leaving room for further growth as insurers and reinsurers seek to expand coverage across the continent.
Continental Re said the public offer is intended to support its next phase of growth while maintaining its focus on its pan-African operating model.
The company’s board intends to distribute between 40 percent and 60 percent of annual net income as dividends, subject to future performance and board approval.
Shares are being offered at BWP1 per share, with a minimum application of 200 shares, equivalent to BWP200.
