Mediterrania Capital Partners invests in AFG Assurances

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 investment will support a development plan to double the insurer's network to 14 insurance companies across Francophone Africa.

AFG Assurances has built its network over the past decade through acquisitions and new subsidiaries. It offers motor, third-party liability, property, industrial risk, health and life products through brokers, general agents and direct offices, and has access to the distribution network of AFG Bank. The plan includes creating five new subsidiaries, targeted acquisitions and capital increases. MCP says it will also work with the group on governance, ESG and customer protection standards.