Saham Finances acquires majority stake in Continental Re

As part of its expansion strategy on the African continent, Saham Finances has acquired 53.6% stake in Continental Reinsurance Company.

The Moroccan company has bought the equity fund's shares Emerging Capital Partners (ECP Fund II) former majority shareholder of the African reinsurer based in Nigeria.

The amount of the transaction has not been revealed yet. This purchase is the second for Saham Finances, which already bought, in 2014, 40% of the non-life Nigerian insurer Unitrust Insurance.