Allianz completes acquisition of Jubilee Insurance Tanzania
What you need to know:
- This is the fourth 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.
Dar es Salaam. The Allianz, one of the world’s leading insurers and asset managers has become the majority shareholder in Jubilee General Insurance Company of Tanzania Limited.
This transaction consists of Allianz acquiring 51 percent stake of ordinary shares from Jubilee Holdings Limited and Aga Khan Fund for Economic Development (AKFED) combined.
Jubilee Holdings Limited (JHL) will retain a 15 percent stake and the 6 minority shareholders will maintain their total of 34 percent shares in the company.
As part of the transaction, Jubilee General Insurance Company of Tanzania Limited will change its name in due course to Jubilee Allianz General Insurance Company Limited, subject to approvals.
This is the fourth 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, while Uganda and Burundi were completed in October 2021 and March 2022 respectively. The closing of the transaction in Mauritius will follow shortly, subject to regulatory approvals.
“This is another step towards expanding Allianz’s footprint in Africa. We are really proud of the progress and we are looking forward to working together with Jubilee to offer premium service delivery in the insurance space of East Africa.”, says Delphine Traoré, Allianz Africa Regional CEO.
Jubilee Holdings Group Chairman, Mr Nizar Juma affirmed that with the support of both teams and the regulators, Jubilee Holdings and Allianz SE have once again strengthened the Jubilee Holdings Group Chairman, Mr Nizar Juma affirmed that with the support of both teams and the regulators, Jubilee Holdings and Allianz SE have once again strengthened the commitment of broadening insurance in Tanzania and East Africa at large.
“The combined strengths of the two brands presents us with a perfect opportunity to further grow the insurance industry in the Tanzanian market. These synergies will go a long way in placing Tanzania on a higher pedestal in as far insurance penetration is concerned,” Juma noted.
Allianz and JHL will continue to work together to finalize the acquisitions in Mauritius.
