•Allianz to acquire a controlling stake of between 51 and 66 per cent in Jubilee’s General Insurance businesses.
•JHL will retain ownership of its Life and Pensions operations and its Medical insurance business in Kenya, Uganda and Tanzania. Jubilee Holdings Limited Group Chairman Nizar Juma makes a presentation during the 82nd Annual General Meeting in Nairobi, yesterday. Looking on is Company Secretary Margaret Kipchumba/COURTESY Jubilee Holdings Limited (JHL) shareholders have approved the sale of a stake in the group’s business portfolio to Allianz SE.
The African subsidiary of the global insurer and asset manager Allianz plans to buy an eight per cent stake in Kenya’s Jubilee Holding Plc (JHL).
The offer, subject to regulatory approvals, will see the Germany based firm acquire a controlling stake of between 51 and 66 per cent in Jubilee’s General Insurance business Kenya, Tanzania, and Uganda.
It will also have control of Jubilee’s short-term general and medical insurance business in Burundi and Mauritius, forming Jubilee-Allianz General Insurance Limited.
JHL will retain ownership of its Life and Pensions operations and its Medical insurance business in Kenya, Uganda and Tanzania.
During its 82 Annual General Meeting held virtually yesterday, shareholders approved the deal first announced in October, where Allianz will become a co-shareholder in five companies that are currently, or to be established as, subsidiaries of Jubilee.
“With Allianz, we have identified a strategic partner whose strategic objectives and vision for the general business are closely aligned with those of Jubilee, and together we intend to grow both the market and our joint market share,” Jubilee Holdings Limited Group Chairman Nizar Juma said.
There will be no change in the ownership of the life and medical businesses in Kenya, Uganda and Tanzania, he noted.
The proposed partnership, he said, aims to build best practice in underwriting and claims processing, and Allianz is committed to transferring specific skills and capabilities that will help Jubilee’s businesses increase the range and depth of products they are able to deliver to a range of both corporate and retail clients.
The strategic partnership intends to draw on Allianz’s proven expertise in retail, digital insurance, and in micro-insurance that they already deploy in several developing markets across the world.This will be aligned with Jubilee’s market presence, distribution networks and local experience and expertise in the region.During the AGM held in Nairobi, the shareholders confirmed the payment of the final dividend of Sh8.00 per share as recommended by the board. This brings to […]
