Internal
Allianz SE
Group Communications and Reputation
Media Release
Allianz completes acquisition of majority stake in Jubilee Insurance Company of Uganda Limited Transaction is part of agreement signed with Jubilee Holdings Limited (JHL) in September 2020
Kenya transaction also completed. Tanzania, Burundi and Mauritius to follow, subject to regulatory approvals.
Kampala, Uganda, October 25, 2021
On Friday October 22, 2021, Allianz, one of the world’s leading insurers and asset managers, became the majority shareholder in Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (JHL), East Africa’s largest insurance group . The stake acquired by Allianz represents 29,700,000 ordinary shares of Jubilee Insurance Company of Uganda. JHL will retain a 34% stake, or 15,300,000 ordinary shares, in the company.
The General Business of Jubilee Insurance Company of Uganda Limited will change its name in due course to Jubilee Allianz General Insurance Company Limited , subject to approvals.
This is the second acquisition to be completed as part of an agreement announced on September 29, 2020 wherein Allianz agreed to acquire the majority shareholding in the short- term general (property and casualty) insurance business operations of JHL in five countries in Africa, namely Kenya, Uganda, Tanzania, Burundi and Mauritius. The first acquisition, in Kenya, was completed on May 4, 2021. The closing of the transactions in Tanzania, Burundi and Mauritius will follow shortly, subject to regulatory approvals.
Coenraad Vrolijk, the Regional CEO of Allianz Africa, says: "We are really proud of this acquisition and we are looking forward to working together with Jubilee to build out the best general insurance company in Uganda and in East Africa."The partnership, which combines Allianz’s 130 years plus of experience in insurance and asset management with Jubilee’s regional knowledge and network, aims to bring world -class insurance to the East African markets. Allianz SE Chairman of the Superv isory Board: Michael Diekmann. Board of Management: Oliv er Koeniginstr. 28 Bäte, Chairman; Sergio Balbinot, Andreas Wimmer, Dr. Barbara Karuth-Zelle, 80802 Munich; Germany Dr. Klaus-Peter Röhler, Iv an de la Sota, Giulio Terzariol, Dr. Günther Thallinger, Phone: +49 89 3800 18475 Christopher Townsend, Renate Wagner (Release / Stand 10.2021). For VAT-Purposes: Fax: +49 89 3800 2114 VAT-Registration Number: DE 129 274 114; Insurance serv ices are exempt f rom VAT. www.allianz.com/news Allianz SE, Munich, Comm.Reg.: Munich HRB 164232 InternalNizar Juma, Chairman of JHL, says: "The successful completion of the […]
