Société Commerciale Gabonaise de Réassurance (SCG-Re) has achieved a listing on the Central African Securities Exchange (BVMAC), becoming the first reinsurance company approved by the Inter-African Conference on Financial Markets (CIMA) to be listed on the stock exchange.
Subscriptions to the public offer for sale of shares of Société Commerciale Gabonaise de Réassurance (SCG-Ré) closed successfully on 30 November.
Société Commerciale Gabonaise de Réassurance (SCG-Re) has launched its international roadshow to publicise its proposed public offering aimed at raising FCFA5bn ($7.6m).
Gabonese reinsurer Société Commerciale Gabonaise de Réassurance (SCG-Re) has announced that it has received approval for an initial public offering (IPO) from the Financial Market Surveillance Commission of Central Africa (COSUMAF).
The Gabonese Federation of Insurance Companies (FEGASA) is currently involved in a drive to establish digital technology in the insurance industry as a strategic lever for economic transformation and social inclusion.
The Société Commerciale Gabonaise de Réassurance (SCG-Ré) has decided to raise capital through a listing on the Central African Stock Exchange (BVMAC) to finance its expansion into new markets in Africa and improve its performance.
Despite the rise of its closest competitors, OGAR Vie retained its leading position in the Gabonese life insurance market in 2020, growing by around 6% to reach FCFA10.4bn ($18.3m) in GWP. and a market share of 46%.
Despite the difficult environment brought about by the COVID-19 pandemic, the Gabonese insurance market recorded good results in 2020, achieving a turnover of FCFA104.1bn ($189m), which represents an increase of 2.63% compared to the previous financial year.
The Gabonese Commercial Reinsurance Company (SCG-Re) has undertaken business missions so far this year to Cameroon, Congo and the Democratic Republic of Congo, as part of the implementation of its five-year Strategic and Development Plan 2021-2025.
Three insurance companies shared 75% of the market in Gabon in the first half of 2019 during which the turnover stood at FCFA45.73bn ($769m).