French insurer AXA Group has completed the acquisition of Assur Africa Holding, a company that holds a 77 percent stake in Nigeria’s fourth largest insurer, Mansard Insurance.
The acquisition automatically grants AXA access into Africa’s largest economy and one of the continent’s biggest insurance markets.
Nigeria’s insurance market is the third largest in Africa with Gross Written Premium (GWP) of N313 billion ($1.76 billion) as at 2013. It is made up of 75 percent Property and Casualty insurance, and 25 percent Life premiums.
“This acquisition is a unique opportunity for AXA to enter the largest African economy with leading positions in all business lines and to get exposure to the fast-growing Nigerian retail insurance market,” said Denis Duverne, Deputy Chief Executive Officer of AXA.
This deal is worth million Euros ($246.86 million).
AXA currently operates in Gabon, Cameroon, Ivory Coast, Morocco, Senegal and Algeria.
“This transaction would allow AXA to enter the highly attractive Nigerian market through a very reputable local company, led by a talented management team,” the company said in a statement.
By Yemisi Izuora-Lagos