Germany-based insurer Allianz Group has finished the acquisition of 99.03% stake in Nigeria-based Ensure Insurance from its core shareholder Greenoaks Global Holdings (GGH).
The deal, first announced in August last year, is part of Allianz’s strategy to further expand its footprint in Africa.
The acquired entity provides both life and non-life insurance services. It generated €18.2m in gross written premiums (GWP) in 2017.
Following the closure of the transaction, Ensure will become part of the Allianz Group, and will operate in Nigeria as Ensure – a company of Allianz.
Allianz Africa regional CEO Coenraad Vrolijk said: “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.”
Allianz offers a number of personal and corporate insurance services such as property, life and health insurance, credit insurance and global business insurance.