Allianz acquires Ensure Insurance in Nigeria

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Allianz Group announced today, 30 August 2017, a binding agreement to acquire 98% of Nigerian insurer Ensure Insurance Plc. from its core shareholder Greenoaks Global Holdings (GGH).

Ensure Insurance Plc. offers life and non-life insurance services and generated 11 million euros in gross premiums written in 2016.

Allianz Group views Africa as one of the important future growth markets and is now present in 17 countries across the region.

Nigeria, a fast growing country with a population of more than 180 million citizens, is the country with the largest GDP on the continent.

“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,” said Coenraad Vrolijk, Allianz SE Regional Africa Chief Executive Officer. 

Pending regulatory approvals, the transaction is expected to close end of 2017 when Ensure Insurance Plc. shall become a member of the Allianz Group.

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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