Allianz Group has agreed to acquire eight percent in African reinsurer Africa Re. The total cash consideration payable at closing would amount to USD$ 81 million (or Euro 69 million).
Africa Re has been operating for 42 years on the continent and has a network across both regions and linguistic communities. The two firms said they will cooperate in reinsurance, business development, sharing of best practices, risk management tools, as well as training and technical support, especially in emerging areas and underserved markets
“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,” Niran Peiris, member of the board of management of Allianz SE, responsible for Global Insurance Lines & Anglo Markets, Reinsurance, Middle East, Africa, said of the transaction.
In 2017, Allianz Group acquired 98 percent of Nigerian insurer Ensure Insurance, bringing Allianz presence to a total of 17 countries across the region.
Citing agriculture and cyber insurance in particular, Corneille Karekezi, Africa Re’s Group managing director and chief executive officer, said Allianz will give Africa Re new products to offer clients.
Allianz Group is also the sole insurance investor in BIMA, the digital microinsurer that uses mobile technology to serve low-income customers in Africa, Asia and Latin America.
Topics Mergers & Acquisitions Allianz
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