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This just in from Reuters;

Nov 28 (Reuters) – French insurer AXA said on Friday it was entering the Nigerian market by buying the holding company of Mansard Insurance for 198 million euros ($246 million) in cash.

AXA said it was buying 100 percent of Assur Africa holdings, which holds a 77 percent stakes in Mansard Insurance, the fourth largest insurer in Nigeria with activities in both property and casualty and life and savings.

“This transaction would allow AXA to enter the highly attractive Nigerian market through a very reputable local company, led by a talented management team,” the company said in a statement.

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