By Ngozi Onyeakusi— Allianz, one of the foremost and world’s leading underwriting firms has acquired a 66% stake in Jubilee General Insurance Limited in Kenya, thus becoming the majority shareholder of the company. This 66% stake represented 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.