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 services and generated 11 million euros (US$13.2 million) in gross premiums written in 2016.
Allianz Group views Africa as one of the important future growth markets and is now present in 17 countries across the region. Nigeria, a fast-growing country with a population of more than 180 million, is the country with the largest gross domestic product on the continent, said Allianz in a statement.
“Nigeria is one of the most dynamic economies in Africa. The acquisition of Ensure Insurance Plc. gives us full access to this key insurance market in Africa and marks a major milestone for Allianz’s long-term growth strategy on the continent,” said Coenraad Vrolijk, regional CEO Africa of Allianz SE.
“This new step of development will allow us to offer the best products and services to Nigerian customers in both personal and commercial lines. In addition, as we grow our excellent African teams, we are laying particular emphasis on hiring and developing local talent,” Vrolijk added.
Pending regulatory approvals, the transaction is expected to close end of 2017 when Ensure Insurance Plc. will become a member of the Allianz Group.
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