The Paris-headquartered firm announced today that it has acquired all of the Assur Africa Holdings (AAH), which makes up 77% of the stake in the insurance company.
The insurer purchased the stake for a total of €198m (£156m, $243m), and plans to include the operations within its Mediterranean and Latin American division. AAH is a holding company whose only assets are its shares in Mansard.
The Axa Group has 157,000 employees serving 102 million clients in 56 countries. In June, the firm formed an alliance with Abu Dhabi based Green Crescent Insurance.
It also purchased a 50% stake in Chinese property and casualty insurance company Tian Ping early this year.
