Allianz has finalized the acquisition of 66% of the capital of Jubilee Insurance Company of Uganda from Jubilee Holdings Limited (JHL). However, JHL retains a 34% stake in the capital of its Ugandan subsidiary.
This is the second acquisition made under an agreement signed on 29 September 2020 between the German insurer and the East African holding.
The agreement covers JHL's non-life activities in five African countries, namely Kenya, Tanzania, Uganda, Burundi and Mauritius.
The first transaction in Kenya was finalized on 4 May 2021. The operations in Tanzania, Burundi and Mauritius remain subject to regulatory approval.
The P&C class of business of Jubilee Insurance Company of Uganda Limited will soon be renamed Jubilee Allianz General Insurance Company Limited.
Read also | Ugandan insurance market [4]