Browsing: Jubilee insurance sells majority stake

The sale of a 54.15 per cent ownership in Jubilee Holdings’ Mauritian subsidiary to insurance industry titan Allianz SE is likely to be finalised within the next month.

At this point, Jubilee Holdings would be entitled to a payment of US$2.3 million (KShs. 270 million).

  • Jubilee Holdings will get Sh270 million from the sale of its Mauritian subsidiary to Allianz SE next month
  • Upon completing the Mauritius sale, Jubilee will have collected a total of Sh7.75 billion. Allianz would also invest Sh3 billion as the biggest stakeholder in the businesses
  • Allianz is set to  acquire a 66 per cent stake in Jubilee Insurance Company of Mauritius Limited

Allianz will buy additional shares from Aga Khan Fund for Economic Development SA (AKFED), which will then sell its ownership of 11.85 per cent of Jubilee Insurance Company of Mauritius Limited to it. This will allow Allianz to acquire a total stake in …

Jubilee Holdings Ltd announced it is selling between 51 per cent to 66 per cent stake of its operating subsidiaries engaged in short term general insurance business across the region to Allianz Group for about $99.35 million.

The regional insurer is selling its general insurance units in Kenya, Tanzania, Uganda, Mauritius and Burundi while retaining full ownership of its life and health insurance businesses except in Burundi and Mauritius.

Jubilee insurance chairperson Nizar Juma said that the operating subsidiaries are subjects to transaction accounts which are only 12.3 per cent of its combined net assets worth 297.13 million as at end of June this year.

“We are very pleased with this historic development for Jubilee Insurance. Over the past decade, we have been approached by a number of international insurers looking to partner with Jubilee to expand into East Africa. With Allianz, we have now identified a partner whose …