Norton Rose Fulbright has advised global reinsurer Swiss Re on the acquisition of a 25 per cent stake in Leadway Assurance Company Limited, one of Nigeria’s leading insurers.

The investment makes Swiss Re the lead shareholder in Leadway Assurance and allows it to deploy capital in-line with its strategy of accessing new risk pools in emerging markets and to support insurance development across the globe. The acquisition comes after the exit of the International Finance Corporation, a member of the World Bank, which was the second largest shareholder of Leadway Assurance.

The Norton Rose Fulbright team in London was led by corporate partner Bayo Odubeko with assistance from senior associate Matt Foster; partners Maria Ross, James Dunnett, Matt Hodkin; Of Counsel Nick Howard; senior associate Jaspal Pachu; associates Nariman Armaly, Charlotte Rowlandson, Kiran Radhakrishnan, Rickard Lilliestierna, Alexandros Zekkos, Krystal Jumbo; and trainee solicitors Sophie Polisena, Manhal Zaman, Anna Budgett and Livia Li.

Bayo Odubeko commented: “We are delighted to have advised Swiss Re on its investment in the largest insurer in the largest economy and most populated country in Africa. The Nigerian insurance industry continues to attract the global insurers who are looking for opportunities to invest and strengthen their presence in a market with significant uninsured and underinsured population.”

The transaction follows a number of other transactions in the insurance sector. Norton Rose Fulbright advised Development Partners International on the disposal of Nigeria’s fourth largest insurer, Mansard Insurance plc, to AXA; Swiss Re on its investment in the HMO and health insurer, Hygeia; and Prudential’s market entry into Ghana. Norton Rose Fulbright also advised AXA on its recently announced Lloyd’s Syndicate with Chaucer which will focus on writing African insurance and reinsurance business.

Norton Rose Fulbright’s 40-year track record in Africa places the firm at the centre of developments throughout the continent, with on the ground experience gained from working across 45 African jurisdictions