Allianz Group has signed an agreement to buy 98% of Nigerian insurer Ensure Insurance from its core shareholder Greenoaks Global Holdings (GGH) to expand its footprint in Africa.

Ensure Insurance operates as a life and non-life insurance service provider and generated €11m in gross premiums in 2016.

The transaction, which is pending regulatory approvals, is expected to be completed by the end of 2017. Upon closing, Ensure Insurance will become a member of the Allianz Group.

Allianz regional CEO of Africa Coenraad Vrolijk said: “Nigeria is one of the most dynamic economies in Africa. The acquisition of Ensure Insurance gives us full access to this key insurance market in Africa and marks a major milestone for Allianz’s long-term growth strategy on the continent.

“This new step of development will allow us to offer the best products and services to Nigerian customers in both personal and commercial lines.

“In addition, as we grow our excellent African teams, we are laying particular emphasis on hiring and developing local talent.”

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Following acquisition of Ensure Insurance, Allianz business will spawn in 17 countries across Africa.