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Good times ahead for clients as Jubilee Insurance, Allianz forge strategic partnership

East Africa’s largest insurance group Jubilee Holdings Limited has signed a strategic partnership agreement with Allianz SE in Kenya, Tanzania, Uganda, Burundi, and Mauritius.

In the agreement, Allianz SE- which is one of the leading insurers and asset managers in the world with its headquarters in Munich, Germany- will acquire various controlling stakes between 51% and 66% in each of these businesses.

In the General insurance business (also known as the property &
casualty insurance segment), Allianz SE will acquire stakes totaling to Sh10.8 billion, while Jubilee will retain a significant minority stake.

Jubilee will also acquire the business of Allianz Insurance Company of Kenya Limited, with the teams and employees in the general companies to remain the same.

“The transaction does not include the Life and Health/Medical business of JHL…On a preliminary pro-forma basis, these general insurance companies represent 12.3 percent of JHL’s total consolidated net assets of KES 32.3 billion (USD 299 million) as at 30 June 2020,” reads the statement.

How clients are benefiting from the partnership

Jubilee will be able to offer innovative, affordable, and technically advanced products to a growing product range. Clients will also be able to access Allianz’s underwriting expertise and capacity, and implementation of current international best practices leading to enhanced service standards.

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Jubilee’s reasons for transaction

  1. The East African region has growing economies driven mainly by consumption, the discovery of
    oil & gas and infrastructural investment that requires increasing P&C underwriting expertise
    and the capacity to effectively manage risks.
  2. Allianz already has a significant footprint elsewhere in Africa that will allow Jubilee to better service large multinational clients. It will also provide opportunities to deploy Allianz’s global insurance solutions to support the growing multinational and cross-border business sector in East Africa.
  3. Jubilee’s ambition and long-term strategy is to expand the awareness, reach, and affordability of insurance in the region. Allianz has significant expertise in retail and micro-insurance in other developing nations that will be transferred through Jubilee to the East African region.
  4. In a rapidly evolving use of technology in the insurance industry, the partnership will allow Jubilee to adopt the latest and best in class technologies at a reduced cost spread out over the Allianz Group.
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