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Africa-focused private equity firm Mediterrania Capital Partners (MCP) has completed an investment in AFG Assurances, the insurance arm of Atlantic Group, the pan-African group founded by Ivorian entrepreneur Koné Dossongui.
The transaction will support the next phase of AFG Assurances’ growth across Francophone Africa through a development plan that aims to double its network to 14 insurance companies.
Built over the past decade through acquisitions and the creation of new subsidiaries, the insurer’s network today comprises seven life and non-life insurance companies across West Africa, Central Africa and the Indian Ocean. It offers individuals and businesses a range of products – motor, third-party liability, property, industrial risks, health and life – distributed through brokers, general agents and direct offices.
Through its affiliation with AFG Bank, the insurer has access to an established banking distribution network, as well as bancassurance and cross-selling opportunities.
The development plan includes the creation of five new subsidiaries, targeted acquisitions and capital increases to support the growth and financial strength of existing subsidiaries.
Maty N’Diaye, 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. With its established footprint, clear regional ambitions and access to AFG Bank’s distribution network, the group is well positioned to build a leading insurance platform. 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.”
Hatim Ben Ahmed, managing partner at MCP, commented: “Insurance is a powerful yet still underused lever for financial inclusion: it protects livelihoods, safeguards small businesses and allows families to plan for the future. Through this partnership, we will support AFG Assurances in growing its base of active policyholders, with a particular focus on first-time policyholders, women and small businesses. Alongside this growth, we will work with the group to strengthen its governance, its ESG and impact management systems, and its customer protection standards.”
Abissa Kouakou Anzoua, chief executive officer of Atlantic Group, added: “Mediterrania Capital Partners’ investment in AFG Assurances marks a milestone for our insurance business. We are welcoming a long-term strategic partner that shares our conviction that insurance is a pillar of financial inclusion and economic resilience in Africa. This partnership will enable us to accelerate the execution of our development plan, deepen our bancassurance model with AFG Bank and make simple, affordable formal protection available to a growing number of households and businesses in our markets. Our ambition is clear: to make AFG Assurances a leading insurer in Francophone Africa.”
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