Continental Re is spreading on the African continent

Continental Reinsurance Company, which plans to expand on the African continent eastwards, southwards and northwards, has set November 2006 as a deadline to finalise its recapitalisation move.

According to its Chairman, the company remains open to all investors, among whom Zimbabwe Reinsurance which is likely to increase its shares in the company's capital.

Continental Re started out its non-life reinsurance operations in January 1987 and life operations in January 1990. Its current share capital amounts to 2 billion NGN (15.6 million USD), 850 million NGN (6.6 million USD) of which are paid-up capital.