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AXA expands property and casualty business in Africa with Lloyd's

Reuters - UK Focus

PARIS, April 19 (Reuters) - France's AXA (Paris: FR0000120628 - news) unveiled a joint venture in Africa with Lloyd's of London insurer Chaucer in a bid 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 (EUREX: 486352.EX - news) 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. (Reporting by Matthieu Protard and Maya Nikolaeva in Paris, Carolyn Cohn in London; Editing by James Regan)