Magazine date:
Oct 2011 The Nouvelle Société Interafricaine d’Assurances (NSIA) has taken control of the Nigerian company ADIC Insurance Company following the acquisition of 96.15% of its capital (valued at 31 million USD) at Diamond Bank. Thanks to this move, NSIA will see its position strengthened in Africa where the company has been operating in 11 countries through 21 subsidiaries.
This is the first operation of the group outside the CIMA zone. In 2010, NSIA reported a turnover of 200 million USD. Nigerian insurance attracts many investors as the market has grown by an annual average of 29% over the past five years. The overall premiums volume amounted to 1.6 billion USD in 2010.