Allianz acquires stake in Africa Re
Germany-based Allianz Group has signed an agreement to acquire 8 percent in African Reinsurance Corporation (Africa Re) for a total amount of $81 million.
The transaction makes Allianz one of the largest shareholders of Africa Re and is part of the insurer’s strategy to increase its presence in fast-growing African markets.
Allianz and Africa Re aim to jointly support insurance penetration in Africa and the economic development of the continent through cooperation and innovation in various areas, according to a company statement.
“Having identified Africa as one of the future growth markets, we continue to invest step-by-step in the continent,” said Niran Peiris, Allianz board member responsible for global insurance lines & anglo markets, reinsurance, Middle East, Africa.
“This investment in Africa Re is a major milestone for Allianz’s long-term growth strategy in Africa,” Peiris added.
Based in Nigeria, Africa Re has 42 years operational experience on the continent and in-depth business knowledge of the African markets and an expansive network across both regions and linguistic communities, allowing it unmatched proximity to its clients, Allianz noted.
The partnership, built on mutual business support, will enable co-operation in areas of reinsurance, business development, sharing of best practices, risk management tools, as well as training and technical support, especially in emerging areas and underserved markets, according to the company statement.
Corneille Karekezi, Africa Re CEO, 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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