Regional Managing Director and Member of the Regional Executive Board of Allianz Africa Coenraad Vrolijk and Jubile Holdings Chairman Nizar Juma toast the new partnership agreement between the two companies in Nairobi yesterday [Wilberforce Okwiri, Standard ]
Regional insurer Jubilee Holdings and German multinational financial services company Allianz have signed an agreement that will see the latter take a majority stake in Jubilee’s general insurance business
The transaction valued at 10 Sh8 billion will see the two companies create the Jubilee Allianz General Insurance Ltd in the five African countries where Jubilee Insurance currently operates
Jubilee Holdings chairman Nizar Juma said yesterday the transaction has been underway for four years and will give the two companies greater presence in the regional insurance market
“Over the past decade, we have been approached by a number of international insurers seeking to partner with Jubilee to expand into East Africa,” Juma said at the ceremony. signing in Nairobi
“With Allianz, we have now identified a partner whose strategic objectives are aligned with those of JHL (Jubilee Holdings Ltd) and whose expertise in the general insurance sector is able to improve the range and the depth of the products and risk management solutions we can offer our customers ”
The partnership covers the general insurance business (also known as the property and casualty insurance segment) in Kenya, Tanzania and Uganda as well as the short term insurance segment in Burundi and in Mauritius
The transaction, which will require regulatory approvals in all five markets as well as a restructuring of JHL’s subsidiaries in Uganda and Tanzania into separate general insurance units, will allow Allianz to become a co-shareholder in five subsidiaries of general insurance of the JHL group , holding between 51% and 66% in each company
JHL will, however, retain ownership of its life and pensions and medical insurance businesses in Kenya, Uganda and Tanzania.
Allianz is one of the world’s largest asset managers, managing € 766 billion on behalf of its insurance clients and nearly € 17 trillion in third-party assets for investors
« Allianz is a leading insurer and investor in key markets and enjoys a strong positioning in Morocco, Nigeria and Ghana, » said regional managing director and member of the regional executive board of Allianz Africa Coenraad Vrolijk
« We are looking forward to entering these key East African markets with substantial market share initially and JHL is the best partner to help us achieve this ambition in East Africa », a- he declared
JHL regional CEO Julius Kipng’etich said the two companies were willing to expand their new partnership by
JHL
News from around the world – FI – Allianz acquires Sh108b’s stake in Jubilee Holdings
