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Allianz has completed an acquisition of 66 percent stake in Jubilee Holdings Limited (JHL), East Africa’s largest insurance group.
The announcement means that JHL retains a 46 percent shareholding in the company.
The acquisition follows the execution of an agreement signed on September 29, 2020, in which Allianz agreed to acquire about 1,522,622 ordinary shares the majority shareholding in the short-term general (property and casualty) insurance business operations of JHL in five countries in Africa.
These are Kenya, Uganda, Tanzania, Burundi and Mauritius.
Thus, Jubilee General Insurance Limited in Kenya becomes a member of the Allianz Group and upon completion of corporate filings, will operate under the name: Jubilee Allianz General Insurance Limited.