The Allianz Group yesterday announced the completion of the acquisition of 99.03 percent of Nigerian insurer, Ensure Insurance Plc from its core shareholder, Greenoaks Global Holdings Limited (GGH).
Ensure Insurance Plc offers life and non-life insurance services and generated N7.7 billion/18.2euros in Gross Written Premium (GWP) in 2017.
The new company will continue operating in Nigeria as Ensure—a company of Allianz and will benefit from the technical underwriting expertise, global presence and financial support of the Allianz Group.
By the acquisition, Ensure Insurance Plc becomes part of the Allianz Group and operates as Ensure-a company of Allianz effective from July 18, 2018.
The transaction is a major milestone for Allianz’s long-term growth strategy in Africa.
The combined group aspires to become an insurer of choice in the fast-growing Nigerian insurance market.
Commenting on the development, Mr. Coenraad Vrolijk, Regional CEO of Allianz Africa said: “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 Allianz’ underwriting capacity and service delivery, the combined group will be able to provide the 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.”
On his part, Mr. Owolabi Salami of Ensure Insurance Plc 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 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.”
The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 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. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while its asset managers, Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third party assets.
The Allianz Group holds the leading position for insurers in the Dow Jones Sustainability Index and achieved total revenue of 126 billion euros in 2017 through its 140, 000 employees in more than 70 countries around the world. The Group recorded operating profit of 11 billion euros.
About Allianz Africa
In Africa, Allianz is currently present in 17 countries and accompanies clients in 38 countries. Its 1, 500 employees achieved regional revenues of 600 million euros in 2017. Allianz also provides micro-insurance for 500, 000 low-income families and individuals in Africa.
About Ensure Insurance Plc
Ensure Insurance Plc is one of the most innovative and fastest growing insurance companies in Nigeria. The company has undergone a turnaround and transformation exercise consequent upon its acquisition from Union Bank of Nigeria Plc in 2014 and at which time it was known as Union Assurance Company Plc.
Ensure provides simple, accessible, relevant and affordable products to the retail segment of the industry and a bedrock of highly secure reinsurance facilities and unmatched technical competence for its corporate business customers.
Ensure is focused on delivering excellent products and customer services and intends to be the dominant insurance services provider in Nigeria. Ensure Insurance Plc recorded and astounding gross revenue growth of 83 percent in the 2017 financial year.