German insurance giant Allianz has signed a binding agreement to acquire 98% stake in Ensure Insurance from its key shareholder Greenoaks Global Holdings.
Nigeria-based Ensure Insurance provides life and non-life insurance services. It has generated a revenue of €11m in gross written premium in 2016.
The binding agreement will allow Allianz to expand its business in Nigeria, Africa.
The deal is anticipated to be closed by end of 2017 subject to regulatory approvals.
Allianz offers personal and corporate insurance services including property, life and health insurance, assistance services to credit insurance and global business insurance.
Also it offers micro-insurance for 500,000 families and individuals who fall under low-income range in Africa.
Allianz is located in 17 countries across African continent and serves clients in more than 39 countries.
The insurance firm has a workforce of 1,500 employees in Africa and has generated revenue of €600m in 2016.
Allainz said that Nigeria is one of the fast growing countries in Africa with a population of over 180 million citizens and has the largest GDP on the continent.
Allianz regional CEO Africa Coenraad Vrolijk said: “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,”
Recently, Allianz Life Insurance Company of North America has introduced two new index variable annuity (IVA) products, which will offer several ways to benefit from the balance of performance potential and level of protection.
Image: Allianz to acquire stake in Ensure Insurance. Photo:Courtesy of © Allianz 2016.