French Insurer, AXA buys company for N44BN

Monjola Sotubo 09:59 - 29 November 2014

AXA is paying $246 million (N44 billion) to purchase Assur Africa holdings, which owns 77 per cent of Mansard Insurance in a bid to extend its reach to the Nigerian market.

Nigerian insurance company, Mansard has been acquired by French Insurer, AXA, the latter organization announced on Friday, November 28.

AXA is paying $246 million (N44 billion) to purchase Assur Africa holdings, which owns 77 per cent of Mansard Insurance in a bid to extend its reach to the Nigerian market.

“This transaction would allow AXA to enter the highly attractive Nigerian market through a very reputable local company, led by a talented management team,” the company said in a statement.

Mansard Insurance is the fourth largest insurer in Nigeria and offers services in property and casualty and life and savings.