Jubilee Insurance expanding in Africa

The Kenyan insurance market is in full swing, with the recently noticed numerous mergers, acquisitions, or equity shares in local entities by foreign companies.

The authorities attribute this interest expressed in the market to various factors including the steady increase of insurance penetration rate, the expansion of middle class and the discovery of gas and oil fields.

Patrick Tumbo, Chief Executive Officer of Jubilee Insurance, has confirmed that his company was in talks with three insurers to finalize one or a couple of acquisitions. Jubilee is already present in Ugandan, Tanzania and Burundi.
It is equally intent on setting up a subsidiary company in Madagascar in 2016.