ALLIANZ COMPLETES JUBILEE INSURANCE KENYA DEAL

Allianz has completed its acquisition of a 66% stake in Jubilee General Insurance Company in Kenya, which will now operate as Jubilee Allianz General Insurance. The acquisition, first announced on September 29, 2020, is Allianz’s second direct investment in Kenya after establishing Allianz Insurance Company of Kenya Ltd in 2014. Allianz Insurance Company of Kenya and Jubilee Allianz Insurance will be consolidated into Jubilee Allianz General Insurance, subject to regulatory approval. “This transaction is a reflection of Allianz’s long-term commitment to Africa and fits with our ambition to gain leadership positions in key markets in the continent”, said Coenraad Vrolijk, Allianz Africa Regional CEO. Allianz also plans to acquire Jubilee General Insurance’s businesses in Tanzania, Uganda, Burundi and Mauritius following regulatory approval.