By Rosemary Onuoha
ALLIANZ Group has acquired 99.03 percent stake in Ensure Insurance Plc.
The majority equity stake was previously held by Greenoaks Global Holdings Ltd (GGH).
According to Allianz, the company will operate in Nigeria as ‘Ensure – a company of Allianz’.
At a press conference in Lagos, 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, 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.
“In Africa, Allianz is currently present in 17 countries and accompanies clients in 39 countries. Its 1,500 employees achieved regional revenues of E630 million in 2017. Allianz also provides micro-insurance for 500,000 low-income families and individuals in Africa”.
Speaking on the acquisition, Chief Responsibility Officer, Ensure Insurance, Mr. Owolabi Salami, said “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.”