One of the Nigeria’s stoke market listed insurance companies, AXA Mansard Insurance plc has divested its 60 percent stakes in AXA Mansard Pensions Limited in bid to prioritize insurance businesses.
Though the company did not disclose details of the sales, it said the company with “the minority Shareholder entered into a sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60percent shareholding …and 40 percent shareholding …held by the minority Shareholder.”
Chief executive officer of AXA Mansard, Kunle Ahmed said; “This transaction marks a new step in AXA´s broader strategy to focus on and grow our Life, Property & Casualty (P&C) and Health businesses across all its geographies.”
He said the AXA Group sees great potential in the Nigerian insurance market and believes AXA Mansard is ideally placed to capture these opportunities.
Verod Group is a Private Equity firm that operates from West Africa and is backed by a rich blend of mainly foreign and institutional investors including pension funds, sovereign wealth funds, insurance companies and asset management firms.