Monday 22 December 2014

Mansard Insurance may change to AXA soon


Chuks Udo Okonta

Mansard Insurance Plc may soon adopt the name of its new investor - AXA, which tradition is to change the name of any firm it acquires.

AXA the insurance giant last month took over 100 per cent of Assur Africa Holdings in Mansard Insurance  Plc, amounting to 77 per cent stake,  for a total cash consideration of 198 million euros.

Inspen gathered  from a reliable source that Mansard's present management is yet to receive an indication on the possibility and timing of a name change, but there is likelihood for a change which may be immediate or after a while.

The source said: "AXA has operations in fifty six countries of the world. When AXA acquires a company, the company name is usually changed to AXA.  The change may be immediate or after a while. 

"For us in Mansard, there is no indication yet on the possibility and timing of a name change, however any name change will be subject to regulatory and shareholder approvals."

AXA the French insurer last week Thursday, said it has agreed with Certinvest and SIF Transilvania to sell its Life & Savings insurance operations in Romania and exit the Romanian market. The parties agreed not to disclose the terms and conditions of the deal.

As per the terms of the agreement, Certinvest would acquire a 70 percent stake in AXA's Romanian division, AXA Life Insurance S.A., while SIF Transilvania would acquire the remaining stake of 30 percent.

Certinvest is an independent asset manager in Romania. SIF Transilvania is a financial investment firm listed on the Bucharest Stock Exchange.

Completion of the deal is subject to customary closing conditions, including receipt of regulatory approvals.

Earlier last month, Principal Financial Group, Inc. (PFG) agreed to acquire Axa's Mandatory Provident Fund and Occupational Retirement Schemes Ordinance pension business in Hong Kong for about $335 million. The transaction is expected to close in the third quarter of 2015

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