Nigeria’s insurance market has great potential given its position as Africa’s largest economy, its substantial oil and gas reserves and its young and growing population. Yet Nigeria’s insurance market has failed short on that promise due in part to the …
Allianz Group announced a binding agreement to acquire 98 percent of Nigerian insurer Ensure Insurance Plc. from its core shareholder Greenoaks Global Holdings Ltd. Financial details of the transaction were not disclosed. Ensure Insurance Plc. offers life and non-life insurance …
Nigeria’s insurance industry is poised to enter a period of consolidation as companies struggle to raise cash to meet new regulatory requirements amid the worst economic contraction in more than two decades. With markets largely shut for companies to raise …
Swiss Re AG, which has had an African presence for more than 60 years, said it’s in talks with Nigerian insurers to buy minority stakes and benefit from growth in the continent’s largest economy. “We’d like to have more investments …
Although fluctuating oil prices threaten Nigeria’s economic expansion, the country’s insurance sector offers significant potential for foreign investors attempting to build a profile in the market, according to A.M. Best in a special report. In the new report entitled “Nigeria’s …
AXA SA, the largest foreign insurer active in Nigeria, sees the peaceful manner in which the country is handling its first transition in political power in decades as supporting economic growth in the country and beyond. “We think that political …
A pirate attack that killed a supertanker crewman off the coast of Nigeria this week has highlighted a growing threat off oil-rich West Africa, as vessels carrying millions of barrels of crude traverse a region that has become known as …
Pirate attacks off West Africa’s mineral-rich Gulf of Guinea have almost doubled from last year and threaten to increase the costs and jeopardize the shipping of commodities from the region. The Gulf of Guinea, which includes Nigeria, Ghana and Ivory …
A.M. Best Europe – Rating Services Ltd. has revised the outlook to negative from stable and affirmed the financial strength rating of ‘B-‘ (Fair) and issuer credit rating of “bb-” of Nigeria’s Leadway Assurance Company Limited. Best explained that its …
Pirates have attacked a ship off the coast of Nigeria for the second time in as many days, but the attackers were thwarted in the latest incident by a quick-acting crew, an international maritime watchdog said Thursday. The pirates opened …
