We are delighted to announce that Ensure Insurance Plc (“Ensure”) will be joining the Allianz Group following an agreement for Allianz to acquire a 98 percent shareholding in Ensure.
Allianz Group is one of the world’s leading insurers and asset managers with more than 86 million retail and corporate customers. 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. In Africa, Allianz is currently present in 17 countries and accompanies clients in 39 countries. Its 1,500 employees achieved regional revenues of 600 million euros in 2016. Allianz also provides micro-insurance for 500,000 low-income families and individuals in Africa.
“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 in 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,” said Coenraad Vrolijk, regional CEO Africa, Allianz SE.
“We are excited about being part of Allianz Group, one of the world‘s leading insurers and asset managers. With the support of Allianz Group, we are even more confident of our ability to achieve our aspiration of becoming one of the leading insurers in Nigeria with enhanced underwriting capacity, innovative and tailored product offering, unparalleled technical skills and superior service delivery. We are delighted to be joining the group at such an important time in its Africa growth story and are keen to draw on our deep knowledge of the Nigerian market in executing Allianz’s Nigerian strategy” Owolabi Salami, Executive Director, Ensure.
Pending regulatory approvals, the transaction is expected to close end of 2017 when Ensure Insurance Plc. shall become a member of the Allianz Group.
Standard Chartered acted as sell-side Financial Adviser and Banwo & Ighodalo acted as Legal Counsel.