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Jubilee sells Sh10.8 billion stake to German insurer
Allianz Africa regional CEO Coenraad Vrolijk (left) and Jubilee Holdings Chairman Nizar Juma during the announcement of the agreement to establish a strategic partnership on September 29, 2020, at Jubilee Centre in Nairobi. PHOTO | SALATON NJAU | NMG
Jubilee Holdings #ticker:JUB is selling majority stakes in its regional general insurance subsidiaries to German conglomerate Allianz SE for a total of Sh10.8 billion, marking one of the largest transactions in the industry in recent years.
Allianz will acquire controlling stakes of between 51 percent and 66 percent in Jubilee’s short-term or general insurance units in Kenya, Uganda, Tanzania, Burundi and Mauritius.
