Allianz, an insurer and asset managing company is now the majority shareholder in Jubilee Insurance Company of Uganda after completing the transaction to acquire a 66% stake in the company. Allianz acquired 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. Following the acquisition, the General Business of Jubilee Insurance Company of Uganda will change its name in due course to Jubilee Allianz General Insurance Company, subject to approvals.
This is the second acquisition to be completed as part of an agreement announced on September 29, 2020 when Allianz agreed to acquire the majority shareholding in the property and casualty insurance business operations of JHL. This is applicable in five countries in Africa; 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.
The partnership, which combines Allianz’s experience in insurance and asset management with Jubilee’s regional knowledge and network, aims to bring world-class insurance to the East African markets.
Coenraad Vrolijk, the Regional CEO of Allianz Africa said, “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.”
On his part, Nizar Juma, Chairman of JHL had this to say, “The successful completion of the transfer points to our commitment to contribute to the broadening of insurance in Uganda. We thank the regulator and everyone who was involved in the entire process as we now have the opportunity to deliver superior product offering and customer experience to our mutual clients across all fronts.”
Jubilee Insurance currently has an asset base of Ksh. 151.72 billion (1.183 billion Euros) as of June 30, 2021. It has a diverse business and an investment portfolio that is well-positioned to execute its strategic focus across the various business segments.