Magazine date:
Feb 2017 Out of the 58 insurance companies operating in Nigeria, 12 have already initiated or finalized Mergers and acquisitions transactions.
This wave of consolidation comes after the announcement of the new law requiring an increase in the minimum share capital of insurance companies. The legislation, introduced by the supervisory authority, NAICOM, will enter into force in the second quarter of 2017.
The South African company Liberty Holdings has thus purchased 75% of the capital of the Nigerian insurer UNIC Insurance for an amount of 12 million USD. Standard Alliance Insurance, for its part, merged with Standard Life, while the Allianz Global Corporate & Specialty Group (AGCS) is assessing certain acquisition offers on the market.
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