French insurer AXA said on Friday it was entering the Nigerian market by buying the holding company of Mansard Insurance for 198 million euros ($246 million) in cash.
AXA said it was buying 100 percent of Assur Africa holdings, which holds a 77 percent stakes in Mansard Insurance, the fourth largest insurer in Nigeria with activities in both property and casualty and life and savings.
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“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. ($1 = 0.8039 euros) (Reporting by Leigh Thomas; Editing by Andrew Callus)
