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 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 devient actionnaire majoritaire de Jubilee General Insurance Limited au Kenya financialafrik.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialafrik.com Daily Mail and Mail on Sunday newspapers.