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Jul 2015 Frank O'Neill, Swiss Re’s CEO for Africa and Middle East confirmed in early June in Cape Town that the Swiss reinsurer is in talks with a view to acquiring a company in Nigeria.
Preliminary discussions have been held with several potential targets. After a first approach, Swiss Re believes that the valuation estimates given by the surveyed companies look overvalued. According to Frank O'Neill, the Swiss giant insists that his offer should materialize at the right price.
As a reminder, the reinsurer acquired in October 2014, a minority stake in the Kenyan company Apollo Investment. Swiss Re is targeting markets in Nigeria, Ghana, Mozambique and Angola.