Allianz SE (ALV.XE) has agreed to buy Nigeria's Ensure Insurance Plc, the German insurer said on Wednesday.
The Munich-based company, which hasn't disclosed the value of the acquisition, said it has sealed a binding agreement to buy 98% of the Nigerian insurer from Greenoaks Global Holdings Ltd.
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Ensure Insurance posted gross premiums written of 11 million euros ($13.1 million) last year, Allianz said. Allianz, one of the world's biggest insurers, had 2016 gross premiums of EUR51.5 billion.
The acquisition "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," said Coenraad Vrolijk, Regional Chief Executive Africa at Allianz.
Allianz expects to complete the transaction by the end of the year.
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(END) Dow Jones Newswires
August 30, 2017 05:35 ET (09:35 GMT)