Tuesday, April 21, 2015 1.43Pm/NSE
Continental Reinsurance Plc has notified The Nigerian Stock Exchange that it has registered a subsidiary company known as Continental Property and Engineering Risk Services Proprietary Limited in South Africa. The new company for the time being is a wholly owned subsidiary of Continental Reinsurance Plc.
The company will provide risk services and underwriting support for the following lines of property and engineering business:
• Commercial fire assets, all risks material damage and loss of profits;
• Contractor’s all risks;
• Erection all risks;
• Contractor’s plant and machinery;
• Civil engineering completed risks;
• Electronic equipment;
• Deterioration of stock;
• Machinery loss of profits;
•Principal’s advanced project;
• Comprehensive project; and
• Comprehensive machinery.
The new company was established to meet the growing demand for specialist engineering insurance risk advisory services that is currently driven by Africa’s infrastructure and construction boom.