Global insurer Allianz Group has completed the acquisition of 99.03% of the shares of Nigerian insurance company, Ensure Insurance plc, from Greenoaks Global Holdings Ltd.
Effective July 18th, 2018, Ensure becomes part of the Allianz Group, and will operate in Nigeria as Ensure – a company of Allianz.
Ensure offers both life and non-life insurance services, and in 2017 it generated €18.2 million (US$21.2 million) in gross written premiums (GWP).
Allianz is keen to develop itself as an insurer of first choice in the rapidly growing Nigerian insurance sector, and views it as one of Africa’s high-potential markets, with a solid regulatory environment and promising demographics.
Coenraad Vrolijk, Regional Chief Executive Officer (CEO) of Allianz Africa, commented: “We are pleased to enter this fast-growing market through the acquisition of a solid financial player with strong local expertise.
“This new step of development will allow us to leverage the strength of the Allianz Group and the expertise of the Nigerian team to provide high quality products and services to Nigerian customers in both personal and commercial lines.”