Allianz Group has announced the completion of the acquisition of 99.03 percent of the shares in Nigerian insurer Ensure Insurance plc from its core shareholder Greenoaks Global Holdings Ltd. (GGH). Ensure Insurance offers life and non-life insurance services and generated 18.2 million euros in gross premiums written in 2017.
The company will operate in Nigeria as Ensure – a company of Allianz.
In a statement the firm said “Allianz Group views Nigeria as a high-potential market in Africa with a strong regulatory environment and promising demographics”.
“We are pleased to enter this fast-growing market through the acquisition of a solid financial player with strong local expertise. 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,” said Coenraad Vrolijk, Regional CEO of Allianz Africa.