Jubilee Is Selling Stake Worth Ksh 10 Billion To Allianz SE

By Soko Directory Team / Published September 30, 2020 | 9:44 am

Jubilee Holdings will be selling stakes worth 10.8 billion shillings Allianz SE from Germany in what has been described as the “largest transaction in the sector.”

In the transaction that is already in its final stage, Allianz will acquire between 51 and 66 percent in Jubilee’s short-term or general insurance units in Kenya, Uganda, Tanzania, Burundi, and Mauritius. Jubilee will first be paid 7.75 billion shillings.

At the same time, the Allianz’s subsidiary in Kenya (Allianz Insurance Company of Kenya Limited) will be merged into Jubilee General Insurance Limited, which handles covers for life, fire, accident, and theft.

Jubilee will retain significant stakes in the general insurance businesses in the deal expected to be concluded in the first quarter of 2021.

The Nairobi Securities Exchange-listed firm said the short-term underwriting units represent 12.3 percent of its aggregate net assets of 32.3 billion shillings.

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