Africa’s Top Insurer Partners With Allianz on $2.1 Billion Deal

Sanlam Ltd., Africa’s largest insurer, agreed to form a joint venture with Germany’s Allianz SE that will combine their assets on the continent valued at 2 billion euros ($2.1 billion) and help the partnership expand.

Sanlam and Allianz will fold their respective African operations -- excluding those operating in South Africa -- into a new unit majority controlled by the Cape Town-based group, according to a statement on Wednesday. They agreed to remain invested for at least 10 years.