Allianz announces that it has completed the transaction to acquire a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa, namely Kenya, Uganda, Tanzania, Burundi and Mauritius.
The two companies had announced the agreement on September 29, 2020, wherein Allianz had agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of Jubilee Holdings.
The acquisition in Kenya was completed in May 2021, in Uganda in October 2021, in Burundi in March 2022, in Tanzania in May 2022 and in Mauritius in September this year. In Kenya, the former Allianz Insurance Company of Kenya and Jubilee General Insurance Company of Kenya have become one and now operate under the name Jubilee Allianz General Insurance Company of Kenya.
Delphine Traoré, Chief Executive Officer of Allianz Africa, said: “We are pleased to have completed the final transaction in our agreement with Jubilee, thereby cementing Allianz’s presence in East Africa. We remain confident that the global strength of Allianz, combined with Jubilee’s strong brand and deep local expertise, will enable us to provide best-in-class insurance solutions to customers in East Africa and beyond.”
Allianz and Jubilee will now focus on synergies to enhance their joint product offerings and customer experience.