African re-insurer plans Botswana’s first IPO in almost a decade

Continental Reinsurance Holdings will become Botswana Stock Exchange’s first initial public offering since 2017 as it seeks to raise capital to tap Africa’s under insured.

The pan-African re-insurer will use a fifth of the 2.13 billion pula ($155 million) proceeds to support a push for opportunities in Africa and the rest to pay out exiting shareholders.

“Africa remains materially under insured relative to its population, economic activity, infrastructure needs and underlying risk exposures,” Managing Director Lawrence Nazare said in response to emailed questions.

The new capital will provide additional underwriting capacity for growth, support the development of alternative risk solutions and strengthen the group’s digital, data and analytical capabilities for future opportunities, he said.

ADVERTISEMENT

CONTINUE READING BELOW

Africa’s insurance penetration rate, measured by premiums as a share of gross domestic product, is half the global average, according to Swiss Re Institute. The share of income spent on insurance is also lower. While the continent’s GDP per capita is three times smaller, insurance premiums per capita are 19 times lower, leaving Africa with just 0.9% of the global insurance market, it said.

Even so, in the decade to 2024, African reinsurance premiums increased by about 89%, outpacing the growth of the direct insurance market.

Continental Re is offering its shares at a pula apiece in the IPO, which opened August 5 and closes September 16, with a listing targeted for next month.

Factors including rapid economic growth, urbanisation, infrastructure investment, financial inclusion and climate-related protection needs should support long-term demand, Nazare said.

ADVERTISEMENT:

CONTINUE READING BELOW

Africa is heading for its busiest year for fundraising from IPOs since 2018, as improved economic conditions draw more companies to market.

Kenya Pipeline Co, upmarket food retailer Gourmet Egypt SAE and Ghana’s beverage producer Kasapreko Co began trading this year. Aliko Dangote, Africa’s richest person, is expected to list Dangote Petroleum Refinery & Petrochemicals FZE.

Continental Re operates in more than 50 African countries through six regional hubs, including Gaborone, Lagos, Nairobi and Tunis. The group’s gross written premiums in the 2025 financial year rose 5.5% to about $165.6 million.

© 2026 Bloomberg

#African #reinsurer #plans #Botswanas #IPO #decade