(Bloomberg) -- 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.
“We’d like to have more investments in places like Nigeria,” Frank O’Neill, Swiss Re’s chief executive officer for the Middle East and Africa, said Tuesday in an interview before the World Economic Forum on Africa in Cape Town. “The challenge is that the valuations are rich. We’re looking for the right kind of partners at a price that makes sense. We’re at an early stage in talks, but we’re positive on the market opportunities.”
Swiss Re, the world’s second-largest reinsurer, bought a minority stake in Kenya’s Apollo Investments Ltd. from buyout firm LeapFrog Investments in October. Kenya is one of seven focus markets in Africa for Zurich-based Swiss Re, with the others including Nigeria, Ghana, Mozambique and Angola.
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