(Ecofin Agency) - A week after it acquired a minority stake in Nigeria’s non-life insurer Royal Exchange General Insurance, AfricInvest announced a new investment. This time, the beneficiary is Raynal Assurances IARD, Burkina Faso’s third-largest non-life insurer with over 13% of the market share.
The operation is made through the investor’s FIVE vehicles dedicated to African financial institutions, for an undisclosed amount. AfricInvest acquired the shares held by SUNU insurance group, which co-founded Raynal Assurances IARD with Burkinabe businessmen in 2005. Omar Bekkali, a partner at AfricInvest, said AfricInvest is committed to "consolidating Raynal's position in the Burkinabe insurance market and to actively support its development strategy.”
The insurance sector in Burkina Faso has 17 companies, including 8 in the non-life branch. According to provisional data for 2020, non-life insurance premiums increased by 14% compared to 2019 to reach CFA61.9 billion. The provisional turnover of the country's insurance companies is estimated at CFA108 billion in 2020, up 15%.