Nigeria News

Allianz Acquires Nigeria’s Ensure Insurance to Expand in Key African Market

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 Insurers Receptive to M&A as Economy Contracts

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 Targets Nigerian Acquisition, Seeking to Tap African Growth Rates

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 …

A.M. Best: Nigeria Insurance Sector Offers Significant Potential for Investors

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 Says Nigeria Election Process Will Benefit Overall African Economy

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 …

Oil Tankers Run Gauntlet in Nigeria’s ‘Pirate Alley’

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 …

West Africa Piracy Endangering Commodities Shipping, Increasing Rates

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 …

Ratings Recap: Leadway, ICON Re, Montpelier Re (Notes)

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 Thwarted in Attack on Nigerian Tanker

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 …

West Africa Waters Among Riskiest Routes for Shippers

The waters off West Africa’s coast are now a constant danger for those shipping goods and crude oil in the region, analysts said the day after pirates killed two sailors near Nigeria’s coast. Despite pledges by nations to patrol the …