Allianz completes purchase of Jubilee Insurance Tanzania unit

Global general insurance underwriter Allianz has completed the purchase of a controlling stake in Jubilee Holdings-Tanzania general business unit.

The acquisition of a 51 per cent stake in the company follows the receipt of regulatory and other approvals.

This becomes the fourth general insurance business taken over by Allianz from regional underwriter Jubilee Holdings after Kenya, Uganda and Burundi.

The unit is subsequently expected to change its name to Jubilee Allianz General Insurance Company after the takeover.

Allianz is now expected to close out the acquisition of a majority stake in Jubilee’s general insurance business in Mauritius to round off a larger Ksh.11.6 billion ($100 million) transaction.

At the end of 2021, Allianz remitted Ksh.3.2 billion as a partial payment to Jubilee Holdings for the business acquisition.

In turn, Jubilee Holdings declared a special dividend of Ksh.5 per share as part of the company’s distribution of proceeds from the sale to its shareholders.