Friday, 27 July 2018

ALLIANZ GROUP ACQUIRES 99% STAKE IN ENSURE INSURANCE PLC


Recently, one of the leading global insurers and asset managers, Allianz Group, concluded the takeover of 99.03% of one of the firms in Nigerian insurance market, Ensure Insurance Plc, formerly Union Assurance company Plc.

It can be recalled that Ensure Insurance, before the acquisition, had Greenoaks Global Holdings Limited (GGH) as its core shareholder. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html With this transaction, Ensure Insurance becomes part of Allianz Group and will henceforth operate as Ensure-a company of Allianz.

While 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. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

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. According to him, 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 made it clear that Allianz Group 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

He described Ensure Insurance as one of the most innovative and fastest growing insurance companies in Nigeria. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html 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.

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Hmmm!!! Folks, have you ever imagined how the financial status of your firm will be when more than 20,000 CEOs and other key decision makers of blue-chip corporations pay for your products and services or even give you very juicy deals. The link below will tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html