Allianz completes acquisition of Nigerian insurer Ensure Insurance

Allianz, Europe’s leading insurance group, announced on Wednesday (18 July) the finalization of the 99.03% acquisition of Nigerian insurer Ensure Insurance plc of Greenoaks Global Holdings, its largest shareholder.
The new Allianz company will continue to operate in Nigeria as Ensure, and will benefit from the technical expertise, global presence and financial support of the Allianz Group. “We have clearly identified Nigeria as a high potential market in Africa with a strong regulatory environment and interesting demographics,” commented Coenraad Vrolijk, CEO of Allianz Africa.
“We are delighted to enter this rapidly growing market with the acquisition of a solid financial player with strong local expertise. Coupled with Allianz’s underwriting capacity and service delivery, the group will be able to provide the highest quality of products and services to Nigerian customers in both personal and commercial lines, “he added.
The operation comes less than two months after Allianz acquired a stake in Africa Re reinsurance company. The group is present in 17 countries on the African continent, with a regional turnover of 600 million euros. 2017.