KENYA – German multinational financial services company Allianz SE, one of the world’s leading insurers and asset managers, has completed the acquisition of a 66% stake in Jubilee Holdings general insurance arm in Kenya making it the majority shareholder.
The purchased stake represents 1,522,622 ordinary shares acquired from Jubilee Holdings Limited which now retains a 34% shareholding in the company.
In a statement sent to the press, 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 signed on September 29, 2020, whereby the German company 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.
“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 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.
“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”Coenrad Vrolijk – CEO Africa Region, Allianz SE
“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, Jubilee Holdings Limited Chairperson
In September 2020, Allianz announced a partnership that will see it acquire controlling stakes in five East African general insurance companies, all of which belong to Jubilee Holdings Limited, the region’s largest insurance group.
The transaction will see Allianz acquire the businesses for US$101 million, with JHL retaining a minority stake.