Allianz Group has signed an agreement to acquire 8 percent in Africa’s leading reinsurer Africa Re. Under the terms of the agreement, the total cash consideration payable at closing would amount to $81 million (or 69 million euros).
Niran Peiris, Member of the Board of Management of Allianz SE, responsible for Global Insurance Lines & Anglo Markets, Reinsurance, Middle East, Africa, said of the transaction, “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.”
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.