Allianz Africa in on course to complete acquisition of Jubilee Holdings Limited remaining operations in three regional subsidiaries in a Kshs. 11 billion ($100 million) deal.
Allianz says it has completed the acquisition of 66% stake in Jubilee Insurance Company of Uganda Limited representing 29,700,000 ordinary shares.
Jubilee Holdings Limited, the parent company will retain a 34% stake, or 15,300,000 ordinary shares, in the company.
“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,” said Coenraad Vrolijk, Regional CEO of Allianz Africa.
The is the second acquisition after the German insurer completed the acquisition of Jubilee Insurance Kenya.
The deal is part of an agreement announced in September last year where Allianz agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of JHL in Kenya, Uganda, Tanzania, Burundi and Mauritius.
“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,” added Nizar Juma, Chairman of JHL.
Jubilee Insurance which is the largest insurance firm in the region currently has an asset base of Kshs. 151.72 billion and has been in operation in the region for 80 years.