UGANDA – Munich-based underwriter Allianz SE, has completed the acquisition of a majority stake in Jubilee Insurance Company of Uganda Limited.
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, and 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 said that with the acquisitions, the underwriter was looking forward to working together with Jubilee to build out the best general insurance company in Uganda and in East Africa.
“We now have the opportunity to deliver superior product offering and customer experience to our mutual clients across all fronts”
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, said the successful completion of the transfer points to Jubilee’s commitment to contribute to the broadening of insurance in Uganda.
“We now have the opportunity to deliver superior product offering and customer experience to our mutual clients across all fronts,” said Juma.
Jubilee Insurance is considered one of the largest underwriters in East Africa, with a balance sheet size of US$1.36 billion as of June 30, 2021, and has a diverse business and an investment portfolio that is well-positioned to execute its strategic focus across the various business segments.
In Africa, Allianz is currently present in 12 countries and accompanies clients in 49 markets.
Allianz also provides micro-insurance for 1.7 million low-income families and individuals in Africa.
Jubilee Holdings Limited is listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange.
It has a network of offices in five countries -Kenya, Uganda, Tanzania, Burundi and Mauritius which are highly rated on leadership, quality and risk management and has been awarded an AA in Kenya, AAA in Uganda and an A in Tanzania.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 100 million 1 private and corporate customers in more than 70 countries.
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