By Modupe Gbadeyanka
German firm, Allianz, has disclosed that it would acquire 98 percent stake in Nigerian insurer, Ensure Insurance Plc.
The control of the Nigerian company would be acquired through the UK-based firm, Greenoaks Global Holdings, Allianz said in a statement on Wednesday.
Allianz said it was using the Nigerian organisation to penetrate the African market, where most people are still uninsured.
According to Allianz’s regional CEO Africa, Coenraad Vrolijk, “The acquisition of Ensure Insurance Plc gives us full access to this key insurance market in Africa and marks a major milestone for Allianz’s long-term growth strategy on the continent.”
Allianz Group said it views Africa as one of the important future growth markets and is now present in 17 countries across the region.
“Nigeria is one of the most dynamic economies in Africa. The acquisition of Ensure Insurance Plc gives us full access to this key insurance market in Africa and marks a major milestone for Allianz’s long-term growth strategy on the continent.
“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,” Vrolijk further said.
The acquisition is still expected to be approved by regulatory bodies in Nigeria. However, the German firm did not state how much it was paying to claim the company.
Recall that last month, British insurer, Prudential, purchased a majority stake in Nigeria’s Zenith Life in a bid to take control of the African market through Nigeria.
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