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. 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.
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. 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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