DEG of Germany Boosts Stake in African Reinsurer to 14.9%

July 6, 2016

German Investment and Development Corp. invests $14.6m in Nairobi-based Zep-Re, increasing shareholding from 10.1%, co. says in e-mailed statement.

* Investment to help reinsurer expand reach in Comesa region;
* Co. posted $20m profit in 2015 as total assets increased 21%;
* DEG previously invested $15m in co.;
* NOTE: Common Market for Eastern and Southern Africa, or Comesa, groups 19 African states;
* NOTE: June 21, Kenya Re Acquires Additional 4.44% Stake in Zep-Re for KES1.26b;
* NOTE: May 27, African Regional Re-insurer Zep Re Plans South Sudan Entry. Source: Bloomberg