The rise of Africa’s financial services sector in recent years has been remarkable.
Swiss Re AG, which has had an African presence for more than 60 years, said it’s in talks with Nigerian insurers to buy minority stakes and benefit from growth in the continent’s largest economy.
Africa’s Continental Re plans to double premium income from its property and engineering business to $80 million over the next five years, as it bets on the continent’s infrastructure boom, its executive director said.
Following are some purchases or expansion plans by South African and European insurers in sub-Saharan Africa announced in the past three months.
A growing middle class in sub-Saharan Africa is enticing European and South African insurers to buy local firms focusing mainly on life insurance and pensions, in the face of mature markets and strong competition at home.
Switzerland’s Swiss Re expanded its pool of investments in Africa with a minority stake in Kenya-based insurance group Apollo Investments Limited, a spokeswoman for the reinsurer said on Wednesday.