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.
Jubilee, Allianz set eyes on Ethiopian market after share sale deal
Thursday May 06 2021
Jubilee Holdings Limited Chairman Nizar Juma and Allianz Africa Regional CEO Coenraad Vrolijk on September 29, 2020 in Nairobi. PHOTO | FILE | NMG
Summary
Allianz completed the acquisition of 66 percent stake in Jubilee General Insurance Company (Kenya), leaving the holding company (JHL) with 34 percent of the shares.
Following the acquisition, Jubilee General Insurance Limited (Kenya) is now a company of the Allianz Group and upon completion of corporate filings will be renamed “Jubilee Allianz General Insurance Limited”.
Advertisement
Regional insurer Jubilee Holdings Ltd (JHL) and Germany’s insurance and asset management firm Allianz have put entry into the Ethiopian market on the radar after the conclusion of their multimillion dollar share sale deal relating to general insurance business.
Allianz devient actionnaire majoritaire de Jubilee General Insurance Limited au Kenya financialafrik.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialafrik.com Daily Mail and Mail on Sunday newspapers.
Allianz purchases 66pc stake in Jubilee General Insurance
Wednesday May 05 2021
By VICTOR JUMA
Summary
Allianz has completed the purchase of a 66 per cent stake in Jubilee General Insurance Limited in Kenya from the parent company Jubilee Holdings, which will retain a 34 per cent stake in the business.
This is the first of several similar regional transactions.
The Nairobi Securities Exchange-listed insurer signed an agreement to sell stakes ranging from 51 per cent to Sh66 per cent in its general insurance subsidiaries in Kenya, Tanzania, Uganda, Burundi and Mauritius for a total of Sh10.8 billion.
Allianz has completed the purchase of a 66 per cent stake in Jubilee General Insurance Limited in Kenya from the parent company Jubilee Holdings, which will retain a 34 per cent stake in the business.