AXA acquires 7% stake in Africa Re

AXA has completed the acquisition of a 7.15 percent stake in African Reinsurance Corporation (“Africa Re”), the leading cash consideration payable at closing would amount to USD61 million

Africa Re’s current shareholding comprises 41 member states, the African Development Bank (ADB) 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. Africa Re is a profitable company, with gross written premiums of EUR505 million.

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 Re’s management team.

“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 AXA.