Mediterrania Capital Partners (MCP) has completed an investment in AFG Assurances, the insurance arm of Atlantic Group, to support its expansion across Francophone Africa.

The investment will help AFG Assurances double its network from seven to fourteen insurance companies through new subsidiaries, acquisitions and capital increases.

Financial terms of the transaction were not disclosed.

AFG Assurances, part of the pan-African Atlantic Group founded by Ivorian entrepreneur Koné Dossongui, operates seven life and non-life insurance companies across West Africa, Central Africa and the Indian Ocean.

The group provides motor, property, health, life and other insurance products through brokers, agents and direct distribution channels.

Its expansion strategy includes establishing five new subsidiaries, pursuing targeted acquisitions and strengthening the capital base of existing operations.

The company also plans to expand its bancassurance business through AFG Bank's distribution network, alongside developing digital insurance products and micro-insurance offerings aimed at individuals and small businesses.

The investment comes as insurance penetration remains low across the 14-country CIMA insurance market, which covers more than 200 million people.

Insurance premiums account for approximately 1.5% of GDP across the region, roughly half the sub-Saharan African average. Between 2018 and 2024, the market grew by an average of 9% annually, reaching approximately €2.9 billion in premiums.

“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,” said Maty N’Diaye, Partner at Mediterrania Capital Partners.

“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.”

MCP will also work with AFG Assurances to strengthen corporate governance, environmental, social and governance practices, customer protection standards and impact management systems.

Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, said expanding access to insurance among underserved populations would be a priority.

“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,” he said.

For Atlantic Group, the investment brings in a private equity partner to support the development of its insurance operations and strengthen its regional presence.

“Mediterrania Capital Partners’ investment in AFG Assurances marks a milestone for our insurance business,” said Kouakou Anzoua Abissa, Chief Executive Officer of Atlantic Group.

“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.”

MCP was advised by Deloitte on financial and tax matters, Asafo & Co on legal matters and SLR on ESG. Atlantic Group was advised by Ashurst Perkins Coie UK LLP.