Allianz Group, one of the leading global insurers and asset managers, recently completed the acquisition of 99.03 percent of one of the firms in Nigerian insurance market, Ensure Insurance Plc, formerly Union Assurance company.
Ensure Insurance, before the acquisition, had Greenoaks Global Holdings Limited (GGH) as its core shareholder.
With this transaction, Ensure Insurance becomes part of Allianz Group and will henceforth operate as Ensure-a company of Allianz.
Addressing the media at the end of the transaction meeting, the Regional Chief Executive Officer, Allianz Africa, Coenraad Vrolijk, said the transaction was a major milestone for Allianz’s long-term growth strategy in Africa adding that the combined group aspires to become an insurer of choice in the fast growing Nigerian market.
He said Ensure Insurance offers life and non-life insurance services and will benefit from the technical underwriting expertise, global presence and financial support of the Allianz Group.
“We had clearly identified Nigeria as a high-potential market in Africa with a strong regulatory environment and interesting demographics. We are delighted to penetrate this fast -growing market through the acquisition of a solid financial player with a strong local expertise.
“Coupled with Alliianz’s underwriting capacity and service delivery, the combined group will be able to provide he highest quality of products and services to Nigerian customers in both personal and commercial lines .We trust that our combined group will help support the Nigerian economy and grow the local insurance market “, said Vrolijk.
Speaking about the Allianz group, Vrolijk described the institution as one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers
He said with its headquarter in Germany, 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.
He said the company, manages over 650 billion Euros on behalf of its its customers while its assets Managers Allianz Global investors and PIMCO manages an additional 1.4 trillion euros, of third -party assets
On the group’s reason for acquiring the Nigerian firm, Vrolijk said, “This investment is another step by Allianz to increase its presence in the fast- growing African markets. Having identified Africa as one of the future growth, markets. We continue to invest step-by-step in the continent.
“The investment in an insurance company in the largest growth market of Africa, namely Nigeria is a major milestone for Allianz’s long-term growth strategy in Africa”, he said.
He described Ensure Insurance as one of the most innovative and fastest growing insurance companies in Nigeria.
He said the acquisition would enable the Allianz Group grow its business and insurance footprint in the Nigerian market by joining forces with an existing player which has a solid financial position and strong local expertise
Also, the Executive Director, Ensure Insurance Plc, Owolabi Salami said the consummation of the deal would be highly beneficial to the new company’s business and will improve its service platform to its valued clients.