By Favour Nnabugwu
The Allianz group has finalized the 51 % acquisition of Jubilee General Insurance Company of Tanzania’s capital from Jubilee Holdings Limited and the Aga Khan Fund for Economic Development (AKFED).
However, JHL and the six minority shareholders will retain a 15 percent and 34 percent stake in the Tanzanian subsidiary respectively.
This is the fourth acquisition made under an agreement signed in 2020, between the German group and the African holding.
The agreement consists in a takeover by the German insurer of the non-life activities of JHL in five African countries. The first, in Kenya, was finalized on 4 May 2021. This was followed by two takeovers in October 2021 and March 2022 in Uganda and Burundi. The Mauritius transaction remains subject to approval by the relevant authorities.
Jubilee General Insurance Company of Tanzania will soon operate under the name of Jubilee Allianz General Insurance Company.