AXA has entered into an agreement to acquire a 7.15% stake in African Reinsurance Corporation (Africa Re).
Under the terms of the agreement, the total cash consideration payable at closing would amount to $61m.
Africa Re has strong reinsurance market shares across the African continent, notably in countries identified as key priorities for AXA, such as Nigeria and Egypt.
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This transaction would allow AXA to increase its exposure to the fast growing reinsurance and insurance markets in Africa
AXA said it expects to benefit from the extensive knowledge of the local markets and the expertise of Africa Re’s management team.
Commenting on the stake acquisition, Denis Duverne, deputy CEO of AXA, said: "This transaction is another step in our African strategy and follows on from our recent acquisition of Mansard in Nigeria and our partnership with the World Bank Group’s International Finance Corporation.
"It allows us to increase our pan-African exposure and to benefit from the knowledge of an experienced and successful partner",
A spokeswoman for AXA declined discuss any more detail about the Africa Re stake acquisition, but told Life Insurance International that the insurer is interested in all aspects of Africa’s insurance market including Africa’s life market and its property and casualty sector.
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