Allianz Acquires 65% Stake In Jubilee Insurance

Jubilee Insurance and Allianz forge strategic partnership | London Business  News | Londonlovesbusiness.com

Yemisi Izuora

Allianz has announced the completion of the acquisition of a 66 per cent stake in Jubilee Holdings general insurance arm in Kenya for undisclosed amount making it the majority shareholder.

Allianz, one of the world’s leading insurers and asset managers stake represents 1,522,622 ordinary shares acquired from Jubilee Holdings Limited who now retains a 34 per cent shareholding in the company.

In a statement, the German financial services provider expects to complete acquisition of Jubilee General Insurance businesses in Tanzania, Uganda, Burundi and Mauritius in due course.

The acquisition follows the execution of an agreement signed on September 29, 2020, whereby Allianz agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of JHL in in five countries in Africa, namely, Kenya, Uganda, Tanzania, Burundi and Mauritius.

Upon completion of corporate filings, the new business will operate as “Jubilee Allianz General Insurance Limited”.

The transaction is Allianz’s second direct investment in the country, after establishing Allianz Insurance Company of Kenya Limited as a greenfield operation in 2014

“Alone and together with the recent acquisitions in leading African markets of Nigeria and Morocco, this transaction is a reflection of Allianz’s long-term commitment to Africa and fits with our ambition to gain leadership positions in key markets in the continent,” said Coenraad Vrolijk, Allianz Africa Regional CEO.

Jubilee and Allianz will collaborate to expand and broaden insurance market across East Africa, leveraging Jubilee insurance’s deep regional knowledge, extensive networks and brand reputation with the global expertise and capacity of the Allianz Group

“We are pleased to embark on the first step of our strategic partnership with Allianz, which will support Jubilee’s ambition to increase insurance awareness and accessibility across East Africa by providing innovative, affordable and technically advanced property and casualty insurance products to consumers across the region,” Nizar Juma, Chairman of JHL added.

Allianz and JHL will continue to work together to finalize the acquisitions for the businesses in Tanzania, Uganda, Burundi and Mauritius.

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