ALLIANZ Group announced the completion of the acquisition of 99.03% of the shares in Nigerian insurer ENSURE Insurance from its core shareholder GREENOAKS Global Holdings (GGH).

"From July 18, 2018 ENSURE Insurance plc becomes part of the ALLIANZ Group and operates as ENSURE - a company of ALLIANZ", as the German insurer announced in a statement.

ENSURE Insurance offers life and non-life insurance services and generated EUR 18.2 million in GWP in 2017.

The German insurer views Nigeria as a high-potential market in Africa with a strong regulatory environment and promising demographics: "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," said Coenraad VROLIJK, Regional CEO of ALLIANZ Africa.