Allianz to Buy Nigeria's Ensure Insurance Plc
30 August 2017 - 7:50PM
Dow Jones News
By Pietro Lombardi
Allianz SE (ALV.XE) has agreed to buy Nigeria's Ensure Insurance
Plc, the German insurer said on Wednesday.
The Munich-based company, which hasn't disclosed the value of
the acquisition, said it has sealed a binding agreement to buy 98%
of the Nigerian insurer from Greenoaks Global Holdings Ltd.
Ensure Insurance posted gross premiums written of 11 million
euros ($13.1 million) last year, Allianz said. Allianz, one of the
world's biggest insurers, had 2016 gross premiums of EUR51.5
billion.
The acquisition "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," said Coenraad Vrolijk,
Regional Chief Executive Africa at Allianz.
Allianz expects to complete the transaction by the end of the
year.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
August 30, 2017 05:35 ET (09:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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