To advance its step in the fast-growing African markets, Alianz Group has disclosed its acquisition of 99.03% shares in Nigerian insurer-Ensure Insurance Plc from its core shareholder, Greenoaks Global Holdings Limited (GGH).
According to Allianz, the company will operate in Nigeria as ‘Ensure – a company of Allianz’.
The Regional Chief Executive Officer of Allianz Africa, Coenraad Vrolijk said the acquisition of the shares will make Ensure Insurance Plc a subsidiary of the globally acknowledged insurer and asset manager that can proudly boast of more than 88 million customer base.
Recall that in April, 2018, the group made €75 million and $25 million investment in African infrastructure projects by investing into Emerging Africa Infrastructure Fund (EAIF).
Also, in June, 2018, Alianz Group announced the signing of an agreement to acquire an 8% stake in Africa’s leading re-insurer, Africa Re, a transaction which made Allianz Group one of the largest shareholders in the company.
The Allianz Group is one of the world’s leading insurance and asset management firm, with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance.
With its headquarter in Germany, Allianz is currently present in 17 countries in Africa. And also provides micro-insurance for 500,000 low-income earning families and individuals within the continent.
About Ensure Insurance Plc
Incorporated by the Nigerian Corporate Affairs Commission as private limited liability company in 1993, Ensure Insurance Plc commonly referred to as Ensure has been one of the most innovative insurance companies in Nigeria.
In 2014 when it was known as Union Assurance Company Plc, the company which is a bedrock of highly secure reinsurance facilities was acquired by Union Bank.