By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Reinsurer,   Continental Reinsurance Plc said on Tuesday it has a registered a subsidiary company, Continental Property and Engineering Risk Services Proprietary Limited in South Africa.

According to the re-insurer, the new company for the time being is a wholly owned subsidiary of Continental Reinsurance Plc, it said in a notice to the Nigerian Stock Exchange (NSE).

Contiental-Re said 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.

Other areas it will cover include  Civil engineering completed risks; Machinery; Electronic equipment; Deterioration of stock; Machinery loss of profits; Principal’s advanced project; Comprehensive project; and Comprehensive machinery.

The reinsurer said 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.