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Kampala, Uganda | THE INDEPENDENT | Following the successful completion of the separation of the business of Jubilee Insurance Company of Uganda Limited into separate general and medical insurance companies, executives from both sides said on Oct.05 in Kampala, they are proceeding to close Allianz Group purchase of a 66% stake in the Jubilee Insurance Company of Uganda Limited.
Allianz received approval from the Insurance Regulatory Authority of Uganda for the acquisition on August 5, 2021.
According to executives, Jubilee Insurance Company of Uganda Limited will change its name in due course to Jubilee Allianz General Insurance Company Limited, subject to regulatory approvals.
This is the second acquisition which will be completed as part of the agreement announced on September 29, 2020 wherein Allianz 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.
Coenraad Vrolijk, the Regional CEO of Allianz Africa, said, “we are really proud of this transaction and we are looking forward to working together with Jubilee to build out the best general insurance franchise in Uganda and in East Africa.”
Nizar Juma, Chairman of JHL, said this transaction points to their commitment to contribute to the broadening of insurance in Uganda.
