Continental Reinsurance has been granted a license to operate in Kenya.
After doing business in Kenya for the last four years, Continental has decided to establish the company as a subsidiary there with the help of a £3.8 million (Sh500 million) investment from shareholders, with plans to increase the paid up capital to £6.1 million (Sh800 million) within the next year.
Managing director George Nandy said that they will consolidate their regional footprint by strengthening their structures in regional operations, increasing diversification of income by country and business lines, and strengthening their internal technical capabilities.
"We are expanding because we believe that reinsurance conducted at a Pan-African scale is in the best position to offer clients stability, longevity, innovations and more tailored service that is more responsive to market conditions," he said.
“We have recognised the need for increased emphasis on products driven by the requirements of the typical East African. Despite the continuing economic crisis and threats of contagion from Europe, the Kenyan insurance market has blossomed, growing at a rate of nearly 15 percent per annum over the past seven years."
"We have witnessed a market that was once dominated by State-owned and European based reinsurers, open up to Pan-African operators," he added.
Continental Reinsurance earned a rating of B+ (Good) from AM Best.
