Allianz acquires 65% stake in Jubilee Insurance

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

Allianz, a global insurer and asset manager’s 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 report made available to the media, the German financial services provider expects to complete the acquisition of Jubilee General Insurance businesses in Tanzania, Uganda, Burundi and Mauritius in due course.

The acquisition follows the execution of an agreement on September 29, 2020, where Allianz 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.

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 Chief Executive Officer.

Jubilee and Allianz will collaborate to expand and broaden the 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.