Global insurer Allianz has announced a new binding agreement to acquire 98% of Nigerian domiciled insurance firm, Ensure Insurance Plc., from its main shareholder, Greenoaks Global Holdings Ltd.
Ensure Insurance provides life and non-life insurance services and during 2016 produced gross written premiums (GWP) of €11 million ($13.1mn).
Nigeria has the largest gross domestic product (GDP) of the African continent, and boasts an expanding population of over 180 million citizens. Allianz sees Africa as a key growth market of the future, and the acquisition of Ensure Insurance means Allianz is now present in 17 African countries.
Subject to regulatory approval, the deal is expected to close at the end of 2017, which is when Ensure Insurance becomes a member of Allianz Group.
Commenting on the deal, Regional Chief Executive Officer (CEO) for Africa at Allianz SE, Coenraad, Vrolijk, said; “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.”