Global law firm Norton Rose Fulbright has advised Allianz Africa on the sale of its shares in five subsidiaries in Benin, Burkina Faso (Life/P&C), Mali and Togo to SUNU Group. These entities are now part of SUNU Group and will become SUNU Assurance upon receipt of regulatory approvals for the name change.
With a presence in 17 African countries, Allianz Africa has clients in 39 countries, 1,500 employees and regional revenues of €588 million in 2018.
Created in 1998, SUNU Group is a life insurance leader in the CIMA zone (The Inter-African Insurance Markets Conference) with a 27 per cent market share. It has a presence in 14 African countries through eight Life companies, 13 Non-Life companies and one bank.
These transactions are part of the respective strategic plans of Allianz Group and SUNU Group and are consistent with the efforts of the regional regulator CIMA to consolidate the insurance markets in the 15 Francophone countries under its authority.
Bénédicte Denis, Head of Corporate and Financial Institutions practices in Paris comments:
“We are delighted to have been chosen by Allianz on this new transaction in Africa and thank the Group for renewing its trust in our teams.”
The Norton Rose Fulbright team in Paris which conducted the transaction was led by partner Bénédicte Denis and assisted by Of Counsels Alann Le Guillou and Orsolya Hegedus. The team was also assisted by partner Marta Giner Asins and Of Counsel Arnaud Sanz (competition), partner Nadège Martin and Geoffroy Coulouvrat (IT) as well as partner Laure Joncour and Of Counsel Marie-Thérèse Eugenio (employment).