Allianz seals major acquisition

Allianz now owns a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa after completing the multi-country swoop in waves.

First announced on September 29, 2020, the deal saw Allianz complete its acquisition in Kenya in May the following year; in Uganda, October 2021; in Burundi, March 2022; in Tanzania, May 2022; and in Mauritius, last month.

“We are pleased to have completed the final transaction in our agreement with Jubilee, thereby cementing Allianz’s presence in East Africa,” said Allianz Africa chief executive Delphine Traoré.

“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.”

Across Africa, Allianz is currently present in 14 countries and serves clients in 49 markets. In Kenya, Allianz Insurance Company of Kenya and Jubilee General Insurance Company of Kenya have become one and is now known as Jubilee Allianz General Insurance Company of Kenya.