Allianz has completed the acquisition of 66% of Jubilee General Insurance, the Kenyan subsidiary of Jubilee Holdings Limited (JHL).
The transaction followed an agreement signed on 29 September 2020 [4] between the German insurer and the East African holding. It deals with the non-life activities of Jubilee General Insurance in five countries of the region, namely Kenya, Tanzania, Uganda, Burundi and Mauritius.
However, JHL retains a 34% stake in the capital of Jubilee General Insurance.
Allianz, which has been operating in Kenya since 2014 through Allianz Insurance Company, is to carry on its activities separately from Jubilee General Insurance Limited until the proposed acquisition is approved by the local authorities.
The merged entity will bear the name of Jubilee Allianz General Insurance.