Allianz is now the majority shareholder of Jubilee General Insurance Limited in Kenya following the acquisition of a 66% stake (representing 1,522,622 ordinary shares) from Jubilee Holdings Limited (JHL). As a result, one of the world’s leading insurers and asset managers takes control of East Africa’s largest insurance group. The latter retains the blocking minority, ie 34% of the company’s shares.
This acquisition follows the execution of the agreement signed on September 29, 2020, in which Allianz agreed to acquire in the short term a majority stake in the Non-Life activities of JHL in five African countries, namely the Kenya, Uganda, Tanzania, Burundi and Mauritius. Following the acquisition and regulatory filings, Jubilee General Insurance Limited in Kenya is now an Allianz group company and will operate under the name “Jubilee Allianz General Insurance Limited”. This transaction is Allianz’s second direct investment in the country, following the establishment of Allianz Insurance Company of Kenya Limited in 2014 as a “Grienfield” operation. “Like recent acquisitions in Nigeria and Morocco, this transaction reconfirms Allianz’s long-term commitment to Africa and reflects our ambition to become a leader in key markets on the continent,” said Coenraad Vrolijk, Regional CEO of Allianz Africa. The two Allianz companies in Kenya, Allianz Insurance Company of Kenya Limited and Jubilee Allianz Insurance Limited, will continue to operate separately until the portfolio of Allianz Insurance Company of Kenya Limited is consolidated with Jubilee Allianz General Insurance Limited, this which is subject to regulatory approvals.
“All contracts issued by the two entities remain valid. We will continue to honor our commitments and provide the quality of service for which Allianz is known worldwide, ”commented Nandini Wilcke, Regional Director of Mergers, Acquisitions and Transformation at Allianz Africa. “This transaction gives us a greater platform to offer Allianz’s wide range of insurance products, from simple products to the most sophisticated solutions for businesses,” added Coenraad Vrolijk.
Through this partnership, Jubilee and Allianz aim to jointly develop the insurance markets in East Africa, taking advantage of Jubilee Insurance’s in-depth regional knowledge, its vast networks and the reputation of its brand, by rallying them. to the global expertise and solidity of Allianz. Nizar Juma, President of JHL, is delighted with this first step of the strategic partnership with Allianz, which will support Jubilee’s ambition to increase awareness and accessibility to insurance in East Africa by providing innovative, affordable and technically advanced non-life insurance services to consumers in the region. Allianz and JHL will continue to work together to finalize acquisitions in Tanzania, Uganda, Burundi and Mauritius.