Lagos - AXA, the French insurance firm,
has confirmed an agreement to acquire a 7,15 percent stake in African
Reinsurance Corporation (Africa Re), the leading reinsurance
company in Africa.
Africa Re has strong reinsurance market shares across
the continent, notably in countries identified as key priorities for
AXA, such as Nigeria and Egypt.
Officials said this transaction would allow AXA to
increase its exposure to the fast growing reinsurance and
insurance markets in Africa, in line with its Ambition AXA strategy, by
participating in the successful and profitable development of Africa Re.
Moreover, AXA expects to benefit from the extensive
knowledge of the local markets and the expertise of Africa Re¹s
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, said Denis Duverne, Deputy Chief Executive Officer of
Also read: French insurer completes Mansard acquisition
At the same time, this new step confirms our
commitment to the African continent, where we believe insurance has a crucial
role to play in promoting economic development, due to its
contribution to improving risk management, protection and prevention. Thus, we
are delighted to bring our strong technical know-how and expertise to
support Africa Re's ambitions.
Member states of the African Union and the African
Development Bank (AfDB) founded Africa Re in 1976.
Africa Re's current shareholding comprises 41 member
states, the AfDB and more than 100 African insurance and reinsurance
companies, together holding a 75 percent stake in the company, as well as
other development finance institutions and strategic partners.
- CAJ News