Allianz Group acquires Ensure Insurance with 99% complete shareholding
Allianz Group said it has completed the acquisition of 99.03 per cent of the shares in a Nigerian insurer- Ensure Insurance Plc, from its core shareholder- Greenoaks Global Holdings Limited (GGH).
With the development, the Nigerian underwriter has become a subsidiary of a globally acknowledged insurer and asset manager, that boast of more than 88 million customer base.
Ensure Insurance, which was acquired by GGH from Union Bank of Nigeria Plc in 2014 and at which time it was known as Union Assurance Company Plc, has since undergone a turnaround and transformation.
The Allianz Group will breath life into the Nigerian insurer’s operations, which offers life and non-life insurance services and generated 18.2 million euros in gross premiums written in 2017.
The Allianz Group said it views Nigeria as a high-potential market in Africa with a strong regulatory environment and promising demographics.
The Regional Chief Executive Officer of Allianz Africa, 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.”
However, the Chief Responsibility Officer, of the firm, Owolabi Salami, added: “The consummation of this acquisition will be highly beneficial to our business and improve our service platform to our valued clients.
“We are excited to harness the depth of technical competence that Allianz has acquired over the years of experience garnered through serving clients in various sectors. We are confident that this will position us for leadership in the local operating environment”.
Allianz customers will benefit from a broad range of personal and corporate insurance services- property, life and health insurance to assistance services to credit insurance and global business insurance.