German insurance giant Allianz Group has agreed to acquire 8% stake in African Reinsurance (Africa Re) in a transaction valued at $81m.

As a result of the transaction, Allianz will become one of the largest shareholders of Africa Re.

The deal is part of Allianz’s strategy to boost its presence in fast-growing African markets.

Both Allianz and Africa Re plan to collectively support insurance penetration in Africa and the economic development of the continent through collaboration and innovation in various areas.

Allianz member of the board of management, responsible for global insurance lines and Anglo markets, reinsurance, Middle East, Africa, Niran Peiris said: “Having identified Africa as one of the future growth markets, we continue to invest step-by-step in the continent. This investment in Africa Re is a major milestone for Allianz’s long-term growth strategy in Africa.”

Africa Re CEO Corneille Karekezi said: “This partnership with Allianz Group, a reliable and strong partner with a global network, particularly in agriculture and the emerging field of cyber insurance, will definitely strengthen Africa Re’s capacity to offer its clients services of higher quality.”

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Based in Nigeria, Africa Re has in-depth business knowledge of the African markets and an expansive network across both regions and linguistic communities.