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Transforming the short-term insurance industry in the East African market

CMS Kenya led by Senior Partner Ashwini Bhandari represented the Jubilee Group in a high value and complex transaction seeking to grow the short-term property and casualty insurance business in five African countries – Kenya, Uganda, Tanzania, Burundi and Mauritius. 

Jubilee Holdings Limited (“JHL”) began operations in Kenya in 1937. It has well-established subsidiaries operating profitable short-term insurance businesses in each of these five countries and sees the potential to grow these businesses further underpinned by rapid demographic expansion, a growing middle class and an expanding small- and medium-sized enterprise segment operating within stable and growing economies.

The Allianz Group is one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers across 70 countries. In Africa, the Allianz Group is present in 14 countries and serves its customers in 39 African countries via a network of trusted insurance companies.

The proposed partnership should help deliver a stronger insurance franchise focused on meeting the diverse and growing protection needs of local customers in the region and, through increased investment and innovation locally, the partnership should be well-placed to accelerate growth and deliver increased value for customers in the region.

Chairman of JHL, Nizar Juma said, “We are confident that bringing our businesses together is the right decision to take our customer offering in the East African region and Mauritius to the next level by putting us in a stronger position to deliver more comprehensive protection solutions. The future is positive for all stakeholders associated with the JHL group and we look forward to our partnership better serving existing customers, while welcoming new ones to our family.

The publication DealMakers AFRICA named the strategic partnership between JHL and Allianz Africa the East Africa Deal of the Year 2020, highlighting the potential of homegrown companies to create value for their shareholders, other stakeholders and the economy by tapping inward investment into the region. The KES 10.8bn (USD 100m) transaction was the largest deal announced in East Africa in 2020, and the region’s second single largest deal in the insurance industry after the USD 250m purchase of a 60% stake in UAP Holdings by Old Mutual in 2015.