Jubilee Holdings, a Kenyan investment firm backed by Aga Khan IV (Shah Karim al-Husayni), has completed the sale of a 66-percent stake in Jubilee Insurance Mauritius Limited to Allianz SE, a German multinational financial services group.
Jubilee Holdings is a Nairobi-based investment holding company with operations and investments in Kenya, Uganda, Tanzania, Burundi, and Mauritius. It used to own 88.15 percent of Jubilee Insurance Company of Mauritius Limited.
Aga Khan IV, Shah Karim al-Husayni, is best known for founding Nation Media Group, Africa’s largest independent media organization. Through the Aga Khan Fund for Economic Development, he owns 37.98 percent of Jubilee Holdings and 11.85 percent of its Mauritian subsidiary.
The transaction, the fifth to be completed under a 2020 agreement in which Allianz began the process of purchasing majority stakes in Jubilee’s general insurance units in five countries, including Mauritius, will see Allianz become the majority shareholder in Jubilee Insurance Mauritius Limited.
According to the terms, Allianz will acquire a 66-percent stake in Jubilee Insurance Mauritius, which equates to 3,554,275 ordinary shares. The 66-percent stake is made up of Jubilee Holdings’ 51-percent stake and all the shares previously owned by the Aga Khan Fund for Economic Development.
Jubilee Holdings will retain an 8.37-percent stake in Jubilee Insurance Mauritius and a further 25.63 percent through its subsidiary, the Jubilee Investments Company, following the completion of the transaction.
“We are pleased to have completed the final transaction in our agreement with Jubilee, thereby cementing Allianz’s presence in East Africa,” Delphine Traore, Allianz Africa Regional CEO, said, while announcing the completion of the deal.
“We continue to believe that Allianz’s global strength, combined with Jubilee’s strong brand and deep local expertise, will enable us to provide best-in-class insurance solutions to customers in East Africa and beyond,” she added.