AXA to accumulate 7% of Africa Re to increase Pan-African publicity

AXA has entered into an settlement to collect a 7.15 percent stake in African Reinsurance agency, the leading reinsurance corporation in Africa.

below the phrases of the agreement, the entire cash attention payable at last could quantity to USD$61 million (53 million euros).*

Africa Re is the primary reinsurer in Africa, operating across the continent, AXA stated. Africa Re was based in 1976 by the member states of the African Union and the African improvement financial institution (ADB).

Africa Re’s current shareholding comprises forty one member states, the ADB and greater than 100 African insurance and reinsurance corporations, collectively preserving a 75 percentage stake in the agency, in addition to different development finance institutions and strategic companions.

Africa Re is a developing and profitable company, with gross written rates of 505 million euros and internet income of 64 million euros in 2013, AXA stated.

Africa Re has robust reinsurance marketplace shares across the continent, substantially in countries identified as key priorities for AXA, including Nigeria and Egypt. This transaction would allow AXA to growth its publicity to the fast growing reinsurance and insurance markets in Africa, in line with its “Ambition AXA” approach, by means of collaborating inside the successful and profitable improvement of Africa Re.

moreover, AXA said it expects to benefit from the giant knowledge of the local markets and the expertise of Africa Re’s management team.

“This transaction is any other step in our African strategy and follows on from our recent acquisition of Mansard in Nigeria and our partnership with the world financial institution organization’s worldwide Finance enterprise,” Denis Duverne, deputy chief executive officer of AXA. “It lets in us to growth our pan-African exposure and to enjoy the knowledge of an experienced and a hit associate.”

at the same time, this pass confirms AXA’s dedication to the African continent, Duverne stated, where “coverage has a essential function to play in promoting monetary improvement, due to its contribution to enhancing danger control, protection and prevention.”