allianz-acquires-stake-in-africa-re_r
Source: Allianz
30 May 2018Insurance

Allianz acquires stake in Africa Re

Germany-based Allianz Group has signed an agreement to acquire 8 percent in African Reinsurance Corporation (Africa Re) for a total amount of $81 million.

The transaction makes Allianz one of the largest shareholders of Africa Re and is part of the insurer’s strategy to increase its presence in fast-growing African markets.

Allianz and Africa Re aim to jointly support insurance penetration in Africa and the economic development of the continent through cooperation and innovation in various areas, according to a company statement.

“Having identified Africa as one of the future growth markets, we continue to invest step-by-step in the continent,” said Niran Peiris, Allianz board member responsible for global insurance lines & anglo markets, reinsurance, Middle East, Africa.

“This investment in Africa Re is a major milestone for Allianz’s long-term growth strategy in Africa,” Peiris added.

Based in Nigeria, Africa Re has 42 years operational experience on the continent and in-depth business knowledge of the African markets and an expansive network across both regions and linguistic communities, allowing it unmatched proximity to its clients, Allianz noted.

The partnership, built on mutual business support, will enable co-operation in areas of reinsurance, business development, sharing of best practices, risk management tools, as well as training and technical support, especially in emerging areas and underserved markets, according to the company statement.

Corneille Karekezi, Africa Re CEO, said: “This partnership with Allianz Group, a reliable and strong partner with a global network, particularly in agriculture and the emerging field of cyber insurance, will definitely strengthen Africa Re’s capacity to offer its clients services of higher quality.”

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

Aon creates new group to grow MGA, MGU network; names CEO

Former Anbang chairman appeals conviction

Tower to raise premium after losses, Peak Re settlement

AmTrust go-private plan supported by second advisory firm

First named storm of 2018 hurricane season causes $50m insured loss

Malaysian Re partners with Argo Managing Agency

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
3 July 2018   Allianz has revealed plans to buy back some €1 billion in shares in a move that reflects the tough market conditions in many of its sectors and also suggest it will not be seeking any large acquisitions.
Insurance
18 June 2018   Allianz Partners in the UK and Ireland have appointed Tim Tozer as their new chief executive officer.
News
21 May 2018   African Reinsurance Corporation grew gross written premium by 26.3 percent year on year to $211.1 million in the first quarter of 2018 driven by “successful” January renewals combined with a “slight hardening” in the South African reinsurance market.