Allianz acquires majority stake in Jubilee Insurance
May 19, 2021 Written by Ernest Jjingo
Allianz, one of the world’s leading insurers and asset managers, has become the majority shareholder in Jubilee Holdings Limited (JHL)in Kenya.
This follows the acquisition of a 66 per cent stake in the company. According to the memorandum of understanding signed by the two parties, Allianz will follow up with the completion of acquisitions of Jubilee General Insurance businesses in Tanzania, Uganda, Burundi and Mauritius.
This follows the execution of an earlier agreement whereby Allianz agreed to acquire the majority shareholding in the short-term general insurance business operations of JHL in in the five countri
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.
Allianz has announced the completion of the acquisition of a 66 per cent stake in Jubilee Holdings general insurance arm in Kenya for an undisclosed amount making it the majority shareholder.
Allianz, a global insurer and asset manager’s stake represents 1,522,622 ordinary shares acquired from Jubilee Holdings Limited who now retains a 34 per cent shareholding in the company. x
In a report made available to the media, 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 on September 29, 2020, where Allianz agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of JHL in five countries in Africa, namely, Kenya, Uganda, Tanzania, Burundi and Mauritius.
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”.
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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.