Allianz Completes Major Acquisition Of Jubilee Businesses In East Africa
Allianz Completes Major Acquisition Of Jubilee Businesses In East Africa
According to an announcement by Allianz, the deal to buy the majority of Jubilee Holdings Limited’s general insurance operations in Kenya, Uganda, Tanzania, Burundi, and Mauritius has been finalized.
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In September 2020, when Allianz agreed to purchase a 66% stake in Jubilee’s short-term general (property and casualty) insurance activities, the two companies first declared their intention to merge for $100 million.
Kenya was the first country to complete the acquisition, which happened in May 2021. Uganda, Burundi, Tanzania, Mauritius, and Tanzania all followed in October 2021, March 2022, and May 2021, respectively.
In Kenya, the former Allianz Insurance Company of Kenya and Jubilee General Insurance Company of Kenya have become one and now operate under the name Jubilee Allianz General Insurance Company of Kenya.
Allianz Completes Major Acquisition Of Jubilee Businesses In East Africa
“We are pleased to have completed the final transaction in our agreement with Jubilee, thereby cementing Allianz’s presence in East Africa,” said Delphine Traoré, Chief Executive Officer of Allianz Africa.
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“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.”
Allianz and Jubilee say they will now focus on synergies to enhance their join offerings and customer experience.
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