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“A high potential market” – that is how Allianz has described Nigeria after completing a major deal in the country.
The company has swooped for Ensure Insurance in the African country, with the firm to now operate as Ensure – a company of Allianz. The transaction has been described as a major milestone with the insurer generating 18.2 million euros in gross written premiums during 2017. Allianz has swooped for a 99.03% stake in the firm – picking up the shares from Greenoaks Global Holdings Limited.
“We are pleased to enter this fast-growing market through the acquisition of a solid financial player with strong local expertise,” said Coenraad Vrolijk, Regional CEO of Allianz Africa. “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.”
In particular, Allianz pointed to the country’s “strong regulatory environment and promising demographics.”
The move comes less than two months after Allianz secured a stake in reinsurance firm Africa Re.
