Global insurer Allianz and East Africa's largest insurance group, Jubilee Insurance (JHL), have agreed on a strategic partnership in the African insurance market.
As the Internet resource UkrStrakhovanie reports with reference to the press release of Allianz, the partnership between Allianz and Jubilee Insurance is focused on property and accident insurance in Kenya, Tanzania and Uganda, as well as short-term insurance in Burundi and Mauritius.
According to the agreements reached, Allianz will own a controlling stake in these countries, Jubilee Insurance will retain a minority stake and the life insurance business.
“Over the past decade, we have been approached by a number of international insurance companies wishing to partner with Jubilee to expand their operations in East Africa. And it was only in Allianz that we saw a partner whose strategic goals coincide with those of JHL, ”said JHL Chairman Nizar Juma.
As a reminder, Allianz faced numerous lawsuits from investment and pension funds from the United States, which suffered during the financial turbulence in connection with the Covid-19 pandemic.