AXA Mansard Insurance sells Pension firm subsidiary to UK based Eustacia
AXA Mansard Insurance plc said it has divested its 60 percent holdings in its former subsidiary AXA Mansard Pensions Limited and sold it to Eustacia Limited, a member of the Verod Group, a United Kingdom based firm.
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.