Jubilee Is Selling Stake Worth Ksh 10 Billion To Allianz SE

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.
ALSO READ: Jubilee Holdings Posts 5% Higher Profits Before Tax To Ksh 2.4 Billion
Motorists To Pay Ksh 3000 For Road Damage
Motorists will pay up to Sh3,000 through their annual car insurance to cover for damages of road assets if amendments to the law are adopted.
The Kenya Roads Board (KRB) is seeking to set aside between 500 and 3,000 shillings from the annual third party covers to be spent on replacement of damaged road infrastructures like signage, guardrails, and streetlights during accidents.
The amounts will be varied depending on the engine capacity of the car being insured with the scheme set to generate more than Sh10 billion every year.
KRB acting managing director Rashid Mohamed said the move will require an amendment to the Insurance Act to remove the compensation for road assets from the third party covers and introduce the fees.
ALSO READ: Kenya To Borrow Ksh 104 Million Per Hour In 2 Years
South African Airways operations suspended
Operations of South African Airways (SAA), the country’s national carrier, has been suspended with immediate effect.
“This means SAA will complete repatriation flights that have already been scheduled but will not schedule any further flights,” Business Day news site reports.
Administrators said they were putting the struggling state-owned carrier under “care and maintenance” until funding for a restructuring plan was found.
The airline was put in bankruptcy protection in December after heavy financial losses in the past few years, which have been exacerbated by the Covid-19 pandemic.
The government has not come up with more than 10.5bn rand ($621m; £483m) to support a restructuring plan outlined by administrators in June, EWN news site reports.
About Soko Directory Team
Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory
- January 2025 (119)
- February 2025 (191)
- March 2025 (212)
- April 2025 (193)
- May 2025 (161)
- June 2025 (157)
- July 2025 (131)
- January 2024 (238)
- February 2024 (227)
- March 2024 (190)
- April 2024 (133)
- May 2024 (157)
- June 2024 (145)
- July 2024 (136)
- August 2024 (154)
- September 2024 (212)
- October 2024 (255)
- November 2024 (196)
- December 2024 (143)
- January 2023 (182)
- February 2023 (203)
- March 2023 (322)
- April 2023 (297)
- May 2023 (267)
- June 2023 (214)
- July 2023 (212)
- August 2023 (257)
- September 2023 (237)
- October 2023 (264)
- November 2023 (286)
- December 2023 (177)
- January 2022 (293)
- February 2022 (329)
- March 2022 (358)
- April 2022 (292)
- May 2022 (271)
- June 2022 (232)
- July 2022 (278)
- August 2022 (253)
- September 2022 (246)
- October 2022 (196)
- November 2022 (232)
- December 2022 (167)
- January 2021 (182)
- February 2021 (227)
- March 2021 (325)
- April 2021 (259)
- May 2021 (285)
- June 2021 (272)
- July 2021 (277)
- August 2021 (232)
- September 2021 (271)
- October 2021 (304)
- November 2021 (364)
- December 2021 (249)
- January 2020 (272)
- February 2020 (310)
- March 2020 (390)
- April 2020 (321)
- May 2020 (335)
- June 2020 (327)
- July 2020 (333)
- August 2020 (276)
- September 2020 (214)
- October 2020 (233)
- November 2020 (242)
- December 2020 (187)
- January 2019 (251)
- February 2019 (215)
- March 2019 (283)
- April 2019 (254)
- May 2019 (269)
- June 2019 (249)
- July 2019 (335)
- August 2019 (293)
- September 2019 (306)
- October 2019 (313)
- November 2019 (362)
- December 2019 (318)
- January 2018 (291)
- February 2018 (213)
- March 2018 (275)
- April 2018 (223)
- May 2018 (235)
- June 2018 (176)
- July 2018 (256)
- August 2018 (247)
- September 2018 (255)
- October 2018 (282)
- November 2018 (282)
- December 2018 (184)
- January 2017 (183)
- February 2017 (194)
- March 2017 (207)
- April 2017 (104)
- May 2017 (169)
- June 2017 (205)
- July 2017 (189)
- August 2017 (195)
- September 2017 (186)
- October 2017 (235)
- November 2017 (253)
- December 2017 (266)
- January 2016 (164)
- February 2016 (165)
- March 2016 (189)
- April 2016 (143)
- May 2016 (245)
- June 2016 (182)
- July 2016 (271)
- August 2016 (247)
- September 2016 (233)
- October 2016 (191)
- November 2016 (243)
- December 2016 (153)
- January 2015 (1)
- February 2015 (4)
- March 2015 (164)
- April 2015 (107)
- May 2015 (116)
- June 2015 (119)
- July 2015 (145)
- August 2015 (157)
- September 2015 (186)
- October 2015 (169)
- November 2015 (173)
- December 2015 (205)
- March 2014 (2)
- March 2013 (10)
- June 2013 (1)
- March 2012 (7)
- April 2012 (15)
- May 2012 (1)
- July 2012 (1)
- August 2012 (4)
- October 2012 (2)
- November 2012 (2)
- December 2012 (1)