Private equity house Emerging Capital Partners is ready to sell its majority stake in African insurer Continental Reinsurance after seven years.
ECP owns a 50.6 per cent stake in the listed company according to a filing with the Nigerian Stock Exchange, which was highlighted by Reuters.
The firm initially bought a 30 per cent stake in 2007.
Continental Reinsurance launched in 1987 and has grown to become one of the largest players in the African reinsurance industry.
About 60 per cent of its non-life premiums are generated in Nigeria, with the balance coming from the rest of Africa.
ECP invested in the company through its Africa Fund II and Central Africa Growth Sicar.
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