Malta-based private equity company Mediterrania Capital Partners (MCP) has agreed to take a stake in Atlantic Group to double the number of companies under AFG Assurances from seven to 14 in Francophone Africa.
Abidjan-headquartered AFG Assurances is the insurance arm of Atlantic Group, which is owned by Ivorian tycoon Mr Kone Dossongui.
MCP will inject capital into Atlantic Group under the deal, which was announced jointly by the two companies on 2 November. No financial details have been revealed.
Mr Abissa Kouakou Anzoua, the CEO of Atlantic Group, said, "Our ambition is clear: to make AFG Assurances a leading insurer in French-speaking Africa."
On her part, Ms Maty N'Diaye, a partner at MCP, said, “Our investment in AFG Assurances reflects our strong conviction in the growth potential of insurance in Francophone Africa and in its role as a driver of resilience for households and businesses.
“We look forward to supporting its expansion through organic growth, entry into new markets and targeted acquisitions, while broadening access to insurance for individuals and businesses across the region.”