Continental Reinsurance floats P2bn IPO on Botswana Stock Exchange
Pauline Dikuelo | Wednesday August 19, 2026 06:00
The public offer, which opened on August 5, is expected to pave the way for Continental Reinsurance Holdings to become the first reinsurer listed on the BSE, representing a significant milestone for the company and Botswana’s capital markets.
The offer comprises P409 million in new capital to fund the Group’s next phase of growth, while P1.72 billion will facilitate the exit of existing shareholders. Shares are being offered at P1 each, with a minimum application of 200 shares, equivalent to P200.
Group Managing Director, Lawrence Nazare, revealed in a statement that the $30 million to be raised through the offer would be used to strengthen the company’s balance sheet, support its pursuit of an a financial strength rating and expand its core underwriting business.
He said the funds would also support the scaling of the company’s capital-light Alternative Risk Solutions unit and investment in digital infrastructure to improve efficiency and responsiveness to clients across Africa.
“Through this public offer, we are taking the next step towards becoming the first reinsurer listed on the Botswana Stock Exchange,” Nazare said, adding that the listing would deepen the Group’s commitment to Botswana while opening a new chapter of public ownership for its pan-African reinsurance business.
Continental Reinsurance Holdings is a Botswana-domiciled holding company incorporated in November 2023. The Group provides composite reinsurance across Non-Life and Life business lines, including property and engineering, casualty and liability, marine and aviation, energy and political risks, agriculture and life insurance. It operates through six regional hubs in Lagos, Nairobi, Gaborone, Douala, Abidjan and Tunis, employing 144 professionals from more than 10 nationalities. The Group reported gross written premiums of USD165.6 million (P2.27 billion) in financial year 2025, representing a 5.5 percent year-on-year increase. Insurance revenue stood at $173.1 million (P2.32 billion), while profit before tax rose by more than 50% to USD9.7 million (P105 million). The company’s combined ratio also improved to 92% from 94% in 2024, with a loss ratio of 33%. The listing comes as Africa’s reinsurance market continues to expand. The market was valued at more than $6.27 billion in 2024, with reinsurance premiums increasing by approximately 89% over the decade to 2024. The public offer closes on September 16, 2026, with listing on the BSE scheduled for October 5, 2026.