German insurance giant, Allianz said on Wednesday it is buying controlling interest in the Nigerian insurer Ensure Insurance Plc in a push for growth in the African continent where over 70% of the people are uninsured.
Allianz said in statement that it would acquire a 98 percent stake in Ensure Insurance from UK-based holding company Greenoaks Global Holdings for $35m.
Ensure Insurance offers life and non-life insurance to businesses and retail clients. It generated 11 million euros ($13 million) in gross premiums written in 2016.
Allianz Group has operations in 17 African countries.
“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 on the continent,” said Coenraad Vrolijk, Allianz’s regional CEO Africa.
Allianz expects the acquisition to close later this year.
Allianz follows British insurer Prudential which last month bought a majority stake in Nigeria’s Zenith Life to gain access to the African country’s fast-growing insurance market.
South African insurer Liberty Holdings, which bought remaining shares it didn’t already own in Nigeria’s Total Health Trust in August 2015, said in February it would acquire a 75 percent stake in an unidentified Nigerian long-term insurer for 160 million rand ($12 million).
France’s AXA acquired Nigeria’s fourth-largest insurer Mansard Insurance three years ago
