On 29 September 2020, Allianz and Jubilee Holding Limited (JHL), the largest insurance group in East Africa, established a strategic partnership. It covers the non-life activity in Kenya, Tanzania, Uganda, Burundi and Mauritius.
By the end of the agreement, Allianz shall acquire majority stakes (between 51% and 66%) in each of these entities for a total of 10.8 billion KES (100 million USD). However, JHL will retain a significant minority stake.
JHL retains its life/pensions and health activities in Kenya, Uganda and Tanzania.
Jubilee General Insurance Limited, JHL's subsidiary in Kenya, will be the joint venture for this union.
The transaction is yet to be approved by the regulatory authorities in the five countries concerned.
Founded in Kenya in 1937 by the Agha Khan, JLH is a well-established financial holding company in East Africa.
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