Nigeria: Saham is partially disengaging from C-Re

Saham slashed at 51% its stakes in C-Re, an investment company based in Mauritius. C-Re is the main shareholder of Continental Re in which it detains 56.6%. In September 2015, Saham Finances acquired 100% of the Mauritian firm in order to pool leverage and exert influence on the Nigerian reinsurer. Today, the Moroccan group is back-tracking by ceding a part of the newly acquired stake from the investment company, Capital Alliance Private Equity IV.

Following this announcement, AM Best confirmed the financial soundness B+ rating and credit bbb- rating for Continental Re. the agency has also raised the   outlook of its ratings from negative to stable.

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