Allianz Group and Jubilee Holdings came together in Kampala today to announce that the parties will shortly proceed to close Allianz’s purchase of a 66% stake in the Jubilee Insurance Company of Uganda Limited.
This follows the successful completion of the separation of the business of Jubilee Insurance Company of Uganda Limited into separate general and medical insurance companies. Allianz received approval from the Insurance Regulatory Authority of Uganda (IRA) for the acquisition on August 5, 2021.
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The Jubilee Insurance Company of Uganda Limited will change its name in due course to Jubilee Allianz General Insurance Company Limited, subject to regulatory approvals.
This is the second acquisition which will be completed as part of the 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 transaction and we are looking forward to working together with Jubilee to build out the best general insurance franchise 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.
Nizar Juma, Chairman of JHL, says:
“This transaction points to our commitment to contribute to the broadening of insurance in Uganda. We thank the regulator and everyone who has been involved in the entire process. We look forward to pooling our synergies to enhance product offering and customer experience to our mutual clients across all fronts.”
For over 80 years, Jubilee Insurance has distinguished itself as the regional market leader and the largest composite insurer in East Africa, with an asset base of KShs. 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.
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