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French insurer AXA S.A. said that it has entered into an agreement to purchase a 7.15% stake in African Reinsurance Corp., News24 Nigeria reported citing Caj News Africa.
With this deal, AXA will be able to increase its exposure to the rapidly growing insurance and reinsurance markets in Africa, officials said.
The transaction permits AXA to increase its pan-African exposure and to benefit from the knowledge of an experienced and successful partner, said AXA CEO Denis Duverne.
Africa Re has strong reinsurance market shares across the continent.