Allianz has become the majority shareholder of Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company.
This follows the announcement on October 5, 2021 that Allianz was poised to become a majority shareholder of The Jubilee Insurance Company of Uganda Limited.
The acquisition came after the successful completion of the split of the business of the Jubilee Insurance Company of Uganda Limited into separate General and Medical Insurance companies in July this year.
The stake acquired by Allianz represents 29,700,000 ordinary shares of The Jubilee Insurance Company of Uganda and Jubilee Holdings Limited will retain a 34% stake i.e. 15,300,000 ordinary shares, in the company.
Following this acquisition, Jubilee Allianz says it aims to leverage the global expertise and capacity of the leading global brand Allianz Group with Jubilee’s deep local knowledge and strong regional presence to bring international best practices.
Delphine Traore, the Regional CEO of Allianz Africa, says: “The company will continue to honour its commitments to the customers in Uganda and will ensure to deliver the quality of service that Allianz is known for globally.”
The Jubilee Insurance Company of Uganda Limited will change its name in due course to Jubilee Allianz General Insurance Company Limited, subject to regulatory approvals.
“The merger with Allianz will further strengthen our leading position in the Uganda Insurance market”, said Deepak Pondey, CEO Jubilee Uganda.
“The integration of the two companies will be completed in the coming weeks so that we can best serve our customers and realize our vision for the new company. We will work closely with all stakeholders to make the integration process as smooth as possible to be able to continue to provide the some quality of service to our customers in the interim,” added Mr. Pondey.