France’s AXA unveiled a joint venture in Africa with Lloyd’s of London insurer Chaucer, seeking to enter the “growing and profitable” specialty insurance market covering a range of political, energy and infrastructure risk.
AXA, Europe’s second-largest insurer, has made several acquisitions in Africa since 2014 and currently operates in Cameroon, Egypt, Gabon, Ivory Coast, Morocco, Nigeria, Senegal and Algeria.
“We have an ambition for our turnover to rise rapidly,” AXA Deputy Chief Executive Denis Duverne said on Tuesday, adding that it was “not relevant at this stage to say what revenue we are targeting”.
Faced with low interest rates in the Unites States and the euro zone, insurers are looking to emerging markets for growth. Specialty insurance can cover everything from insuring oil rigs to footballers’ legs.