AXA buys stake in Africa Re

European insurer AXA has bought a 7 percent stake in Africa Reinsurance Company (Africa Re) for $61 million.

AXA said the transaction is in line with its strategy of increasing its exposure to the fast growing re/insurance in Africa.

“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.

“At the same time, this new step confirms our commitment to the African continent, where we believe insurance has a crucial role to play in promoting economic development, due to its contribution to improving risk management, protection and prevention. Thus, we are delighted to bring our strong technical know-how and expertise to support Africa Re’s ambitions.”