Allianz acquires 8% stake in Africa Re
Friday, 06 01 2018, Category: Insurance and Reinsurance, Country: Africa
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.