Mediterrania Capital Partners (MCP) has announced a new investment in AFG Assurances, the insurance arm of Atlantic Group, a pan‑African conglomerate founded by Ivorian entrepreneur Kone Dossongui.
The deal, finalized in Abidjan, is designed to fuel AFG Assurances’ next phase of growth across French‑speaking Africa, supporting the firm’s broader expansion strategy.
MCP’s capital will double AFG Assurances’ network to fourteen insurance companies, strengthen its bancassurance model, and help narrow the protection gap for households and small businesses. AFG Assurances, which has expanded through acquisitions and new subsidiaries, now operates seven life and non‑life insurers in West Africa, Central Africa, and the Indian Ocean region.
The CIMA insurance market—encompassing 14 countries and over 200 million people—offers strong growth potential. Penetration stands near 1.5 %, roughly half the sub‑Saharan average. From 2018 to 2024 the sector grew at a 9 % annual rate, reaching €2.9 billion in premiums, driven by rapid urbanization and a burgeoning middle class.
The investment is strategic for AFG Assurances, enabling accelerated expansion through organic growth, entry into new markets, and targeted acquisitions. For Mediterrania Capital Partners, the transaction underscores confidence in the French‑speaking African insurance sector and aims to boost financial inclusion by extending formal insurance to individuals and businesses.
A development plan calls for establishing five new subsidiaries, executing targeted acquisitions, and increasing capital to reinforce the growth and financial strength of existing entities. Atlantic Group, which has operated for over 40 years across roughly 20 countries in financial services, industry, and mining, views this partnership as a pivotal milestone for its insurance division.
Key Takeaways
Mediterrania Capital Partners’ investment in AFG Assurances highlights strong market conviction about the growth potential of the French‑speaking African insurance sector.
In the CIMA region, home to more than 200 million inhabitants, insurance penetration is about 1.5 %, well below the sub‑Saharan average and revealing a significant protection gap for households and small enterprises. Nonetheless, the market has expanded robustly—9 % annually from 2018 to 2024—to €2.9 billion in premiums, fueled by urbanization, middle‑class growth, and the rise of mobile money.
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