…now majority owner of Mansard Insurance Plc
Frontline Insurance and asset management group, AXA has announced it has entered into an agreement to acquire 100% of Assur Africa Holdings (AAH), owners of a 77% stake in Mansard Insurance plc.
With this acquisition, AXA becomes the beneficial majority owner of Mansard Insurance plc.
AXA Group is the global leader in insurance and asset management with 157,000 employees serving 102 million clients in 56 countries.
In 2013, AXA’s IFRS revenues amounted to €91.2 billion, IFRS underlying earnings were €4.7 billion while assets under management were €1,113 billion.
AXA´s presence in Africa consists of operations in Cameroon, Gabon, Ivory Coast, Morocco, Senegal as well as greenfield operations in Algeria.
With this acquisition, Mansard’s operations would be consolidated within AXA’s Mediterranean & Latin American Region. The transaction is expected to be completed before the end of 2014.
“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. AXA will benefit locally from the knowledge of an experienced and successful management team and from a profitable platform. Thus, this transaction represents a further step in our acceleration strategy, which is at the heart of our Ambition AXA plan, and is in line with our belief that insurance is instrumental to foster economic development, by providing communities with protection and risk management expertise”, said Denis Duverne, Deputy Chief Executive Officer of AXA.
Tosin Runsewe, Chief Client Officer of Mansard, said, “We are delighted to join the AXA Group, a global leader in Life & Savings, Property & Casualty and Asset Management. It is indeed a befitting home for the Mansard Group given our leading position in the same business lines within West Africa and our unflinching drive to consistently create exceptional value for all our stakeholders. Leveraging on our complementary strengths as well as common values and long-term vision, we can now deliver even higher levels of product innovation, underwriting capacity and operational excellence to our corporate and retail clients. We view with much excitement the opportunity to bring our strong entrepreneurial orientation to bear in delivering on AXA’s sub-Saharan African expansionary ambitions.”
Vanguard
