Allianz completes final acquisition of majority stake in Jubilee’s general insurance business

22nd Sep 2022 | Source: Allianz

Allianz completes final acquisition of majority stake in Jubilee’s general insurance business in East Africa

Allianz and Jubilee Holdings Limited announce the completion of the previously signed agreement for Allianz to acquire a 66% stake in Jubilee Insurance Mauritius Limited.
This transaction successfully concludes the agreement signed with Jubilee Holdings Limited (JHL) in September 2020 for Allianz to become the majority stakeholder in Jubilee’s general insurance businesses in 5 East African countries.
Allianz is now represented in the general insurance market in Uganda, Burundi, Tanzania, and Mauritius in addition to Kenya, where the former Allianz Insurance Company of Kenya and Jubilee General Insurance Company of Kenya company have become one and now operate under the name Jubilee Allianz General Insurance Company of Kenya

Allianz, one of the world’s leading insurers and asset managers, has become the majority shareholder in Jubilee Insurance Mauritius Limited, purchasing 66% of shares in the company (equivalent to 3,554,275 ordinary shares). This transaction consists of Allianz acquiring 51% of ordinary shares from Jubilee Holdings Limited (JHL) and all shares previously owned by the Aga Khan Fund for Economic Development (AKFED). JHL will retain an 8.37% stake in the company and a further 25.63% through its subsidiary, the Jubilee Investments Company Ltd.

This is the fifth and final transaction envisioned by the agreement announced on September 29 2020 by Allianz and JHL. Allianz had agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of JHL in five countries in Africa, namely Kenya, Uganda, Tanzania, Burundi, and Mauritius. The first acquisition in Kenya was completed in May 2021, while Uganda was completed in October 2021, followed by Burundi in March 2022 and Tanzania in May 2022.

“We are pleased to have completed the final transaction in our agreement with Jubilee, thereby cementing Allianz’s presence in East Africa. We remain confident that the global strength of Allianz combined with Jubilee’s strong brand and deep local expertise will enable us to provide best-in-class insurance solutions to customers in East Africa and beyond,” says Delphine Traoré, Allianz Africa Regional CEO.

Jubilee Holdings Group Chairman, Mr. Nizar Juma, stated that “The new entity will leverage the digital capabilities, global underwriting expertise, and capacity of Allianz. We thank the regulator and everyone who has been involved in the entire process. We look forward to pooling our synergies to enhance product offering and customer experience to our mutual clients across all fronts.”