Britam Acquires 30% Stake in Continental Re During 2024 Diversification Strategy
Deal News | Jun 10, 2025 | Re-Insurance News
Britam Holdings, a diversified financial services group listed on the Nairobi Securities Exchange, acquired a 30% stake in Continental Reinsurance Company (Kenya) Limited (Continental Re) for Sh763.78 million in the financial year ended December 2024. The acquisition was facilitated through its investment in BAAM Investment Partners One LLP and BAAM Investment Partners Two LLP, each holding a 15% stake in Continental Re. This strategic investment is part of Britam's broader goal to diversify its revenue streams. Continental Re, a Pan-African reinsurer headquartered in Lagos, Nigeria, operates from six strategic locations and is known for its treaty and facultative life and non-life business lines. It holds a B+ (good) financial strength rating from AM Best.
Sectors
- Insurance and Reinsurance
- Financial Services
Geography
- Kenya – Britam Holdings, the acquiring company, is based in Kenya and is also listed on the Nairobi Securities Exchange.
- Nigeria – Continental Reinsurance is headquartered in Lagos, Nigeria, indicating its primary geographical base.
- Sub-Saharan Africa – The expansion and service locations of the companies involved spread throughout Sub-Saharan Africa, highlighting their regional influence.
Industry
- Insurance and Reinsurance – This industry classification is relevant because the article discusses Britam Holdings, a financial services group, acquiring a stake in Continental Reinsurance Company, engaging primarily in reinsurance services.
- Financial Services – Britam Holdings is engaged in broader financial services, attempting to diversify its revenue by investing in other financial domains like reinsurance.
Financials
- Sh763.78 million – The amount paid by Britam Holdings to acquire a 30% stake in Continental Reinsurance.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Britam Holdings | Bidding Company | Company | A diversified financial services group listed on the Nairobi Securities Exchange, with operations in Eastern and Southern Africa. |
| Continental Reinsurance Company (Kenya) Limited | Target Company | Company | A branch of the Pan-African reinsurer providing treaty and facultative life and non-life insurance. |
| BAAM Investment Partners One LLP | Investor | Company | An investment arm through which Britam Holdings acquired its stake in Continental Re. |
| BAAM Investment Partners Two LLP | Investor | Company | An investment arm through which Britam Holdings acquired its stake in Continental Re. |