Allianz has become the majority shareholder in Jubilee General Insurance Co. of Tanzania Ltd in acquiring a 51 pct stake from Jubilee Holdings Ltd. (JHL) and the Aga Khan Fund for Economic Development (AKFED).
The company without revealing the financial details of the deal however said JHL will retain a 15 pct stake and six minority shareholders will maintain their total of 34 pct stakes in the company. (AKFED is the largest shareholder of JHL with a stake of 37.98%).
Jubilee General Insurance Co. of Tanzania Ltd. will change its name in due course to Jubilee Allianz General Insurance Co. Ltd., subject to approvals.
According to statement issued by the Allianz Africa Regional Chief Executive Officer (CEO) Delphine Traoré, said the deal was another step towards expanding Allianz’s footprint in Africa adding that Jubilee General Insurance Co. of Tanzania Ltd remain valid.
“We are really proud of the progress, and we are looking forward to working together with Jubilee to offer premium service delivery in the insurance space of East Africa,” Traoré said.
On his part, the Jubilee Holdings Group Chairman Nizar Juma said the combined strengths of the two brands presents us with a perfect opportunity to further grow the insurance industry in the Tanzanian market.
“These synergies will go a long way in placing Tanzania on a higher pedestal in as far insurance penetration is concerned,” he said.
This is the fourth acquisition to be completed as part of an agreement announced on Sept. 29, 2020, when Allianz agreed to acquire the majority shareholding in the short-term general (property/casualty) insurance business operations of JHL in five countries in Africa: Kenya, Uganda, Tanzania, Burundi and Mauritius.
The first acquisition, in Kenya, was completed on May 4, 2021, while Uganda and Burundi were completed in October 2021 and March 2022, respectively. The closing of the transaction in Mauritius will follow shortly, subject to regulatory approvals.
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