Allianz completes acquisition of majority stake in Jubilee Insurance Mauritius

German insurer Allianz has become the majority shareholder in Jubilee Insurance Mauritius Limited, purchasing 66% of shares in the company (equivalent to 3,554,275 ordinary shares).

This transaction consists of Allianz acquiring 51% of ordinary shares from Jubilee Holdings Limited (JHL) and all shares previously owned by the Aga Khan Fund for Economic Development (AKFED).

JHL will retain an 8.37% stake in the company and a further 25.63% through its subsidiary, the Jubilee Investments Company Ltd.

This is the fifth and final transaction envisioned by the agreement announced on September
29 2020 by Allianz and JHL.

Allianz had agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of JHL in five countries in Africa, namely Kenya, Uganda, Tanzania, Burundi, and Mauritius.

The first acquisition in Kenya was completed in May 2021, while Uganda was completed in October 2021, followed by Burundi in March 2022 and Tanzania in May 2022.