Allianz completes Ensure Insurance acquisition in Nigeria
Allianz is keen to advance in Africa via the completed acquisition of 99.03% of the shares in Nigeria-based Ensure Insurance from its core shareholder Greenoaks Global Holdings (GGH).
According to Allianz, Ensure Insurance offers life and non-life insurance services and generated €18.2 million in gross premiums written in 2017. The company will operate in Nigeria as Ensure – a company of Allianz.
Allianz views Nigeria as a “high-potential market in Africa with a strong regulatory environment and promising demographics”.
In Africa, Allianz is currently present in 17 countries and accompanies clients in 39 countries. Its 1,500 employees achieved regional revenues of €630 million in 2017. Allianz also provides micro-insurance for 500,000 low-income families and individuals in Africa.
Ensure Insurance was acquired by GGH from Union Bank of Nigeria in 2014, at which time it was known as Union Assurance Company.
Financial details about the acquisition were not disclosed.
Allied to fintech
Away from Africa, Allianz has been a lively member of the fintech party.
In May, digital wealth manager Moneyfarm got £40 million in a Series B funding round – which was led by Allianz Asset Management, the investment arm of Allianz.
While in February, Visa and Allianz partnered to offer a new mobile payment and loyalty app called Allianz Prime – the “first of its kind” in the insurance industry.