Allianz acquires majority share in Jubilee General Insurance

Mergers and Acquisitions

Allianz has announced that it has acquired a 66 per cent majority stake in the property and casualty insurance operations of Nairobi-based insurer Jubilee Holdings

The acquisition gives Allianz a general insurance presence across East Africa, in Burundi, Kenya, Mauritius, Tanzania and Uganda. Allianz had previously signed an agreement with Jubilee in September 2020 to acquire the stake.

Jubilee General Insurance provides a broad range of insurance types, including coverage for domestic and international travel, personal accidents and healthcare, and home and motoring insurance.

The acquisition was completed in Kenya in May 2021; in Uganda in October 2021; Burundi in March 2022; and Tanzania in May 2022. Allianz completed its takeover of Jubilee’s Mauritius operations in September of this year, completing the transition.

Jubilee General Insurance will merge with Allianz’s existing operations

Following the acquisition, former subsidiary the Allianz Insurance Company of Kenya will merge with the Jubilee General Insurance Company of Kenya. The combined business will now operate under the name ‘Jubilee Allianz General Insurance Company of Kenya’.

Delphine Traoré, CEO of Allianz Africa, said that the company was ‘pleased’ to have completed the transaction, and said that the combined strength of Allianz’s ‘global strength’ and Jubilee’s ‘strong brand and deep local expertise’ would enable it to provide strong insurance solutions ‘in East Africa and beyond’.

The global travel insurance market size is expected to reach US$60.7 billion by 2027.