Jubilee Holdings, the leading insurance provider in East Africa, has completed the sale of 66% ownership in Jubilee General Insurance to one of the largest insurers in the world, Allianz.
In September last year, Allianz agreed to purchase a majority stake in the short-term general insurance business of Jubilee Holdings Limited in five African countries; Kenya, Uganda, Tanzania, Burundi and Mauritius at a cost of KSh10.8 billion.
Following the acquisition, Jubilee General Insurance will now operate as “Jubilee Allianz General Insurance Limited” after the two companies complete corporate filings.
Allianz first entered the Kenyan Insurance Industry in 2014 when it established Allianz
Insurance Company of Kenya Limited. The purchase agreement with Jubilee Holdings is the company’s second direct investment in Kenya.
“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 CEO.
Nizar Juma, Chairman of Jubilee Holdings said, “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”.
According to a statement on Allianz website, Allianz Insurance Company of Kenya Limited and Jubilee Allianz Insurance Limited will operate as separate companies until their operations are consolidated into Jubilee Allianz General Insurance Limited, after regulatory approval.