Insurance firm Allianz Group has acquired 99.03 per cent of the shares in Nigeria-based Ensure Insurance from the core shareholder Greenoaks Global.
Following the transaction, the company will continue to operate in Nigeria as Ensure. Allianz sees Nigeria as a high-potential market in Africa with a strong regulatory environment and promising demographics.
Ensure Insurance is a digital insurance provider offering cover for life, education plans, savings vehicles and homes. The platform also helps offers businesses with insurance products to cover their enterprise, with a specialised solution for maritime companies.
Last year, Ensure generated ?18.2m in gross premiums in 2017, according to the company.
Allianz Africa regional CEO 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.p>
Last month, Allianz co-led the round into French startup Lendix which raised ?32m to support its product expansion. The company helps SMEs to directly borrow from individual and institutional investors without the need of collateral or insurance.
Earlier in the year, fellow Nigerian FinTech startup Piggybank.ng raised $1.1m in its seed round led by LeadPath founder Olumide Soyombo.
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