02-11-2026. Abidjan. 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 KONE DOSSONGUI. The transaction will support the next phase of AFG Assurances’ growth across Francophone Africa.
Built over the past decade through acquisitions and the creation of new subsidiaries, AFG Assurances’ network today comprises seven life and non-life insurance companies across West Africa, Central Africa and the Indian Ocean. It offers individuals and businesses a comprehensive range of products – motor, third-party liability, property, industrial risks, health and life – distributed through brokers, general agents and direct offices.
AFG Assurances holds strong positions in its core markets, particularly in the retail lines of motor, health and personal accident. Its subsidiaries, regulated under the CIMA framework in their respective markets, combine local expertise with support functions shared at Group level. Its affiliation with AFG Bank provides access to an established banking distribution network and significant bancassurance and cross-selling opportunities.
The development plan aims to expand the network to fourteen companies through the creation of five new subsidiaries, targeted acquisitions and capital increases to support the growth and financial strength of existing subsidiaries. This will be accompanied by stronger bancassurance distribution and broader access to formal insurance for individuals and businesses.
The partnership also has a clear inclusion objective, in markets where most households and small businesses still have no insurance cover. Health and personal accident insurance is already AFG Assurances’ largest business line. Working closely with AFG Bank, the Group is developing bancassurance offerings, digital solutions and micro-insurance to reach new customer segments, particularly first-time policyholders, women and small businesses.
The opportunity is significant. The CIMA zone comprises 14 countries across West Africa, Central Africa and the Indian Ocean, with a combined population of more than 200 million. Insurance penetration (premiums as a share of GDP) stands at around 1.5%, roughly half the sub-Saharan African average, leaving most households and small businesses exposed to health, accident and property risks. Between 2018 and 2024, the market grew by an average of 9% a year to reach approximately €2.9 billion in premiums, driven by urbanisation, a growing middle class and the expansion of mobile money.
Maty N’Diaye, Partner at Mediterrania Capital Partners, said: “Our investment in AFG Assurances reflects our strong conviction in the growth potential of insurance in Francophone Africa and in its role as a driver of resilience for households and businesses. With its established footprint, clear regional ambitions and access to AFG Bank’s distribution network, the group is well positioned to build a leading insurance platform. We look forward to supporting its expansion through organic growth, entry into new markets and targeted acquisitions, while broadening access to insurance for individuals and businesses across the region.”
Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, added: “Insurance is a powerful yet still underused lever for financial inclusion: it protects livelihoods, safeguards small businesses and allows families to plan for the future. Through this partnership, we will support AFG Assurances in growing its base of active policyholders, with a particular focus on first-time policyholders, women and small businesses. Alongside this growth, we will work with the group to strengthen its governance, its ESG and impact management systems, and its customer protection standards.”
ABISSA Kouakou Anzoua, Chief Executive Officer of Atlantic Group, concluded: “Mediterrania Capital Partners’ investment in AFG Assurances marks a milestone for our insurance business. We are welcoming a long-term strategic partner that shares our conviction that insurance is a pillar of financial inclusion and economic resilience in Africa. This partnership will enable us to accelerate the execution of our development plan, deepen our bancassurance model with AFG Bank and make simple, affordable formal protection available to a growing number of households and businesses in our markets. Our ambition is clear: to make AFG Assurances a leading insurer in Francophone Africa.”
MCP was advised on the transaction by Deloitte (financial and tax), Asafo & Co (legal) and SLR (ESG). Atlantic Group was advised by Ashurst Perkins Coie UK LLP (legal).