Browsing: Allianz Group

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 …