Allianz makes deal for Nigerian insurance firm

German insurance giant has made Africa a focus of its expansion

Allianz makes deal for Nigerian insurance firm

Insurance News

By Terry Gangcuangco

Allianz Group is buying 98% of Nigeria-based Ensure Insurance Plc (Ensure) from its core shareholder Greenoaks Global Holdings Ltd (GGH) for an undisclosed amount.

In line with its growth ambition in Africa, Allianz is now present in 17 countries across the continent. Announcing its binding agreement with GGH, the German insurer said it considers Africa one of the most important future growth markets.

Coenraad Vrolijk, regional CEO Africa of Allianz SE, commented: “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.” 

He added that the move will allow Allianz to offer the best products and services to Nigerian customers in both personal and commercial lines. Nigeria, with a population of over 180 million citizens, has the biggest GDP in Africa.

For his part, Ensure executive director Owolabi Salami said: “We are delighted to be joining the group at such an important time in its Africa growth story and are keen to draw on our deep knowledge of the Nigerian market in executing Allianz’s Nigerian strategy.”

Ensure, which offers life and non-life insurance services, generated €11 million in gross premiums written last year. It will become a member of the Allianz Group when the transaction closes, most likely before year-end.

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