German Insurer Buys into Jubilee Holdings
The deal is worth Sh10.8 billion
Allianz to acquire a controlling stake of between 51 and 66 per cent in
Jubilee’s General Insurance businesses.
Jubilee Holdings chairman Nizar Juma (L) Allianz Africa CEO Coenraad Vroliik (R)
The transaction is subject to regulatory approvals in five countries
including Kenya and Uganda.
The African subsidiary of the global
insurer and asset manager Allianz plans to buy an eight per cent stake in
Kenya’s Jubilee Holding Plc (JHL).
The offer, subject to regulatory
approvals, will see the Germany based firm acquire a controlling stake of
between 51 and 66 per cent in Jubilee’s General Insurance business Kenya,
Tanzania, Uganda, Burundi and Mauritius, forming Jubilee-Allianz General
Insurance Limited.
JHL will retain ownership of its Life...