World News – FI – German insurer acquires Jubilee Holdings

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African subsidiary of global insurer and asset manager Allianz plans to buy 8% stake in Kenya’s Jubilee Holding Plc (JHL)

The offering, subject to regulatory approvals, will see the Germany-based company acquire a controlling stake of between 51% and 66% in Jubilee’s general insurance business in Kenya, Tanzania, Uganda, Burundi and in Mauritius, forming Jubilee-Allianz General Insurance Limited

JHL will retain ownership of its Life and Pensions and medical insurance businesses in Kenya, Uganda and Tanzania

 » In the proposed partnership structure, Allianz will acquire controlling stakes in each of these companies for a total consideration of Sh108 billion while JHL will retain a significant minority stake,  » the stock exchange warning said from Nairobi (NSE) apart

A subsidiary of JHL in Kenya, Jubilee General Insurance Limited is the future joint venture, which will also acquire the activities of Allianz Insurance Company of Kenya Limited

The deal will require regulatory approvals in all five markets as well as restructuring of JHL’s subsidiaries in Uganda and Tanzania into separate general insurance units

On a preliminary pro-forma basis, these general insurance companies represent 123% of the total consolidated net assets of JHL of Sh323 billion as of June 30, 2020

Allianz, headquartered in Germany, serves over 100 million personal and business customers in over 70 countries around the world and has over a century of history in Africa, where it has built a footprint significant across the continent

It is currently present in 12 countries in Africa and serves clients in 49 African markets

Founded in Kenya in 1937 by the Aga Khan Development Network (AKDN), JHL is a multinational financial services holding company with operations in Kenya, Uganda, Tanzania, Burundi and Mauritius and is now a subsidiary of the Aga Khan Fund for Economic Development (AKFED)

JHL, which is listed in East Africa and the general insurance market leader in the Ugandan and Tanzania markets, has gross written premiums of 38 shillings2 billion

Through this partnership, Jubilee Insurance and Allianz aim to jointly develop and expand insurance markets across East Africa, leveraging its in-depth regional knowledge, extensive networks and reputation of its brand with the global expertise and capacity of the Allianz group

JHL President Nizar Juma said the partnership intends to further strengthen JHL’s regional leadership position by bringing international best practices to its clients in East Africa, dealing with constantly evolving insurance risks with relevant products

 » With Allianz, we have now identified a partner whose strategic objectives are aligned with those of JHL and whose expertise in the general insurance sector is able to enhance the range and depth of products and the risk management solutions we can offer our clients Juma said

For his part, Julius Kipngetich, CEO of JHL, said that Allianz has expertise in a wide range of clients and insurance needs

As our corporate clients expand outside of the East African region, they demand an insurer who provides them with expertise and comprehensive and efficient solutions for all their insurance needs, with the best underwriting and complaints handling practices,  » said Kipngetich

« We are confident that this will be the most successful insurance partnership in Africa, » said regional CEO of Coenraad Vroliik

JHL

News from around the world – FI – German insurer acquires Jubilee Holdings


SOURCE: https://www.w24news.com

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