Allianz, Germans’ leading insurers, and asset managers have completed the acquisition of a 66 percent stake in East Africa’s largest insurance group Jubilee Holdings for 10.8 billion shillings.
“Jubilee Holdings is a leading insurance business in East Africa spanning distribution reach and network across the country and an exciting talent,” said Coenraad Vrolijk, Regional CEO and Regional Executive Board Member of Allianz Africa.
“We are bringing our technology and digital skills to this partnership. It will allow us to plug and play our absolute best without reinventing the wheel,” he added.
On his part, JHL Chairman Nizar Juma said Allianz is one of the largest general insurance in the world ‘makes a lot of sense to be together… it will help us to go next growth which will be exponential.” “We have the wisdom of age and dynamism of younger,” said Nizar Juma.
Nandini Wilcke, Regional Head of Mergers, Acquisitions and Transformation and General Counsel of Allianz Africa disclosed that in the coming months they will focus on integrating JHL into Allianz’s key pillars of shape, care, and delivery.
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The integration will entail training JHL staff on Allianz standards and processes, underwriting capabilities under joint branding, and averaging Allianz business platforms to drive digital innovation and operational excellence. This will be completed end of 2021.
In March this year, the strategic partnership between Jubilee Holdings Limited (JHL) and Allianz that JHL emerged as the East Africa Deal of the Year 2020. Jubilee will retain significant stakes in the general insurance businesses in the deal that has now been concluded.
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.