Mediterrania Capital backs AFG Assurances in push to double to 14 insurers
What's the deal? Private equity firm Mediterrania Capital PartnersDealroom has a profile for this one. Try Dealroom → has invested in AFG Assurances, the insurance arm of Ivorian tycoon Koné Dossongui's Atlantic GroupDealroom has a profile for this one. Try Dealroom →. Atlantic Group and MCPDealroom has a profile for this one. Try Dealroom → announced the growth-equity deal on November 2; neither side disclosed the stake size or amount invested.
What's the endgame? AFG Assurances owns seven life and non-life insurers across West Africa, Central Africa and the Indian Ocean, with companies in Côte d'Ivoire, Benin, Cameroon, Mali, Madagascar and the Comoros. It plans to reach 14 insurers by setting up five new subsidiaries, making targeted acquisitions and raising capital in existing units. "Our ambition is clear: to make AFG Assurances a leading insurer in French-speaking Africa," said Abissa Kouakou Anzoua, chief executive officer of Atlantic Group.
Where it's expanding: The group sells health and personal accident cover — its largest line — through Dossongui's AFG Bank network, digital channels and micro-insurance products. In Madagascar, it is challenging previously dominant local insurer ARODealroom has a profile for this one. Try Dealroom →, alongside AxianDealroom has a profile for this one. Try Dealroom →.
Who's investing? MCP manages about €1.2 billion ($1.34 billion) and closed its fourth fund, Mediterrania Capital IV Mid Cap, at €600 million ($672 million) in June 2025, backed by lenders including the International Finance Corporation and the European Investment Bank. The deal comes a year after MCP led a €100 million ($112 million) investment in Coris HoldingDealroom has a profile for this one. Try Dealroom →, the banking group of Burkinabe billionaire Idrissa Nassa.
Why now? AFG operates under CIMA, the regional insurance regulator for 14 countries with more than 200 million people. Insurance penetration there is about 1.5% of GDP, but the market grew about 9% a year from 2018 to 2024, reaching roughly €2.9 billion ($3.25 billion) in premiums.
MCP partner Maty N'Diaye said the group's established presence and access to AFG Bank's distribution "put it in a good position to build a leading insurance platform." Managing partner Hatim Ben Ahmed said the firm would strengthen governance and widen the policyholder base, focusing on first-time buyers, women and small businesses.
The signal: The investment matters less for a disclosed figure than for adding private-equity capital to a cross-border play in a fragmented, underinsured market where scale, distribution and capital decide the winners.
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Image credit: Generated with Gemini
