AXA gains majority stake in Mansard Insurance

AXA announced it has entered into an agreement to acquire 100 percent of Assur Africa Insurance plc (the holding company of Mansard Insurance). Under the terms of the agreement, the total cash consideration payable at closing would amount to EUR198 million. AXA would include the acquired operations within its Mediterranean & Latin American Region.

Mansard is the fourth ranking insurance provider in Nigeria with operations in both Property & its revenues, and has been developing successfully its retail business, achieving a growth of 40 percent per annum on average over the past three years.

This transaction would allow AXA to enter the Nigerian market through a very reputable local company, led by a talented management team.