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Allianz acquires stake in Africa Re

Allianz Group agreed to acquire an 8% stake in Nigeria-based African Reinsurance Corp for a total cash consideration payable at closing of $81 million.

The German insurer said the transaction makes it one of the largest shareholders in Africa Re and is part of the company's strategy to increase its presence in fast-growing African markets.

The two firms will cooperate in reinsurance, business development, sharing of best practices, risk management tools, as well as training and technical support, particularly in emerging areas and underserved markets, as part of the deal.