Home Insurance Digest AXA pays N12bn to acquire AfricaRe

AXA pays N12bn to acquire AfricaRe

French insurance company AXA said that it has completed the acquisition of  African Reinsurance Corporation for more than $60 million, about N12 billion.
“AXA announced it last week that it has completed the acquisition of a 7, 15 stake in African Reinsurance Corporation, the leading reinsurance company in Africa,  for a total consideration of $61 million (or Euro 54 million2). Plans to acquire Africa Re were announced last November.
Analysts say the transaction would allow AXA to increase its exposure to the fast growing reinsurance and insurance markets in Africa, in line with its ambition, referred to as 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. Analysts added.
Africa Re’s current shareholding comprises 41 member states, the AfDB 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.

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