Underwriter Allianz has taken control of Jubilee Insurance Mauritius Limited after purchasing 66% of shares in the company (equivalent to 3,554,275 ordinary shares).
The transaction consists of Allianz acquiring 51% of ordinary shares from Jubilee Holdings Limited (JHL) and all shares previously owned by the Aga Khan Fund for Economic Development (AKFED). JHL will retain an 8.37% stake in the company and a further 25.63% through its subsidiary, the Jubilee Investments Company Ltd.
“We are pleased to have completed the final transaction in our agreement with Jubilee, thereby cementing Allianz’s presence in East Africa. We remain confident that the global strength of Allianz combined with Jubilee’s strong brand and deep local expertise will enable us to provide best-in-class insurance solutions to customers in East Africa and beyond,” says Delphine Traoré, Allianz Africa Regional CEO.
This is the fifth and final transaction envisioned by the agreement announced on September 29, 2020, by Allianz and JHL. Allianz had 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 in May 2021, while Uganda was completed in October 2021, followed by Burundi in March 2022 and Tanzania in May 2022.
“The new entity will leverage the digital capabilities, global underwriting expertise, and capacity of Allianz. 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,” Jubilee Holdings Group Chairman, Mr Nizar Juma, stated.