Africa: Allianz in $81m deal to acquire 8% stake in Africa Re
Source: Middle East Insurance Review | Jul 2018
German insurer Allianz Group has signed an agreement to acquire a stake of 8% in Africa’s leading reinsurer Africa Re. The acquisition makes Allianz one of the largest shareholders of the Lagos-headquartered reinsurer.
Under the terms of the agreement, the total cash consideration payable at closing would amount to $81m.
“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,” said Mr Niran Peiris, member of the board of management of Allianz SE, responsible for global insurance lines & Anglo markets, reinsurance, Middle East, Africa. Through cooperation and innovation in various areas, Allianz and Africa Re aim to jointly support insurance penetration in Africa and the economic development of the continent.
“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,” said Mr Corneille Karekezi, Africa Re’s group managing director and CEO.
The partnership, built on mutual business support, will enable cooperation 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. M