Allianz acquires Nigerian Ensure to expand African footprint
Insurance group Allianz has signed a binding agreement to acquire 98 percent of Nigerian insurer Ensure Insurance from its core shareholder Greenoaks Global Holdings (GGH).
Ensure offers life and non-life insurance services and generated €11 million in gross premiums written in 2016.
The move is a part of Allianz's strategy to expand its footprint in one of the "important future growth markets".
According to Coenraad Vrolijk, regional CEO Africa of Allianz, "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.
"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 stated.
The transaction is expected to close end of 2017 when Ensure will become a member of the Allianz group.
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