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Nigeria : EMERGING CAPITAL PARTNERS to divest majority stake in NIGERIA's second-leading insurance company

July 17, 2014

Without disclosing reasons for the sale, the majority stakeholder in Continental Reinsurance, private equity company Emerging Capital Partners, has announced its plans to divest its 50.6 percent stake in the African insurance company.

Emerging Capital Partners said it initially invested $25.8 million in the insurance company in 2007 for a 30 percent stake, to help boost its underwriting capacity to $80 million from $15 million,

Insurance firms in Africa's biggest economy are betting on increasing premiums as Nigeria develops its infrastructure and a consumer class that would call for protection from risk.

Nigeria's second-leading insurer, Continental Reinsurance, covers life and non-life business and operates in Cameroon, Ivory Coast, Kenya, Nigeria and Tunisia.

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Source: TendersInfo (India)

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