Allianz completes acquisition of majority  stake in Jubilee General Insurance, Kenya.

Allianz, one of the world’s leading insurers and asset managers has become the majority  shareholder in Jubilee General Insurance Limited in Kenya. This follows the acquisition of a  66% stake in the company, representing 1,522,622 ordinary shares, from Jubilee Holdings  Limited (JHL), East Africa’s largest insurance group who are retaining a 34% shareholding in  the company.  

The acquisition follows the execution of an agreement signed on September 29, 2020,  whereby Allianz 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. 

Following this acquisition, Jubilee General Insurance Limited in Kenya is now a company of  the Allianz Group and upon completion of corporate filings will operate as “Jubilee Allianz  General Insurance Limited”. 

The transaction is Allianz’s second direct investment in the country, after establishing Allianz  Insurance Company of Kenya Limited as a greenfield operation in 2014. “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”, stated Coenraad  Vrolijk, Allianz Africa Regional CEO. 

The two companies of Allianz in Kenya, Allianz Insurance Company of Kenya Limited and  Jubilee Allianz Insurance Limited will continue to operate separately until their operations are consolidated into Jubilee Allianz General Insurance Limited, which is subject to regulatory  approval. 

“All contracts issued by the two companies remain valid and we will continue to honor our  commitments and deliver the quality of service that Allianz is known for globally,” commented  Nandini Wilcke, the Regional Head of Mergers & Acquisitions for Allianz Africa. “This  transaction gives us a bigger platform to offer Allianz’s wide range of insurance products,  from simple digital products to flexible corporate solutions,” added Coenraad Vrolijk. 

This is a historic development for the Jubilee Group and through this partnership, Jubilee and  Allianz aim to jointly expand and broaden insurance markets 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. 

Nizar Juma, Chairman of JHL stated: “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”. 

Allianz and JHL will continue to work together to finalize the acquisitions for the businesses  in Tanzania, Uganda, Burundi and Mauritius.