Allianz SE completes the acquisition of 66% stake in Jubilee Holdings

KENYA – German multinational financial services company Allianz SE, one of the world’s leading insurers and asset managers, has completed the acquisition of a 66% stake in Jubilee Holdings general insurance arm in Kenya making it the majority shareholder. The purchased stake represents 1,522,622 ordinary shares acquired from Jubilee Holdings Limited which now retains a 34% shareholding in the company. In a statement sent to the press, the German financial services provider expects to complete the acquisition of Jubilee General Insurance businesses in Tanzania, Uganda, Burundi, and Mauritius in due course. The…

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Insurance company Sanlam acquires an additional 22.8% interest in Morocco’s Saham Assurance

MOROCCO – Sanlam, a South African insurance giant, has added a 22.8% interest in Morocco’s Saham Assurance Maroc in a deal worth US$137.1 million (MAD1.2bn). The deal sees Sanlam subsidiary SAN JV (RF) Proprietary (SAN JV) raise its direct and indirect stake in the Moroccan property and casualty insurer. SAN JV will buy the shares from Moroccan business tycoon Said Alj and two of his associated entities – Sanam Holdings and First Commercial Estate Company. The transaction will raise SAN JV raise its holding in Saham to 84.5%. The deal,…

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Medical underwriter AAR Insurance to shut its Tanzania unit

TANZANIA – Medical underwriter AAR Insurance has commenced the process of winding-up of its Tanzania business citing financial difficulties. The move comes just after the Kenyan business recorded a 55 per cent drop in performance for the year ended December 2020, attributed to high claims due to Covid-19 pandemic. In a memo to staff, AAR Health Care Limited Acting CEO Andrew Rowell said the firm has been facing financial difficulties “for some time” now worsened by the failure of the medical insurance model in Tanzania, the Covid-19 pandemic, and a…

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Britam Holdings in top executive shakeup to deliver growth

KENYA –  Insurance group Britam Holdings has announced a new executive team that will deliver enhanced service to its customers and position the company for long-term growth.  Under the new leaner structure, the company’s executive team will comprise eleven directors after dropping nine positions.  Britam has retained six key executives with new mandates from the previous executive team and appointed one new executive member on promotion whilst announcing a new appointee who was externally sourced. Britam’s Group Managing Director, Mr Tavaziva Madzinga, said the new executive structure promotes diversity and aims…

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Insurance firm Santam completes the buyout of Mirabilis Engineering Underwriting Managers

SOUTH AFRICA – Santam, South Africa’s largest short-term insurer, has announced that it has increased its stake in Mirabilis Engineering Underwriting Managers by acquiring the remaining 45 percent shareholding for an undisclosed amount. Santam, which already owns the other 55 percent stake in Mirabilis, said the acquisition was still subject to the fulfilment of regulatory conditions before it becomes effective. Mirabilis will now become a wholly owned subsidiary of Santam after the acquisition, but it will continue to operate as an independent underwriting management business. Quinten Matthew, the executive head…

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South Africa’s Liberty Holdings to up its stake in its Kenya subsidiary

KNYA – Financial services and property holding company Liberty Holdings of South Africa plans to increase its ownership in Liberty Kenya from 57% to 73%, furthering its dominant position in the firm. The insurer, which is also the largest shareholder in Liberty Kenya, plans to acquire additional 49.5 million ordinary shares of the listed insurer from KFAMF Sellers and 34.7 million ordinary shares from Coronation Sellers. Liberty Holdings owns 309.33 million ordinary shares in Liberty Kenya, equivalent to 57.7% of the company. By purchasing an additional 84.24 million shares, the…

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Life insurer FBNInsurance, Collinson launch health insurance product for critical medical conditions

NIGERIA – FBNInsurance, a life insurer and a member of the SANLAM Group, has partnered with global travel insurer Collinson to launch SmartHealth International, a market specific international health insurance product for critical medical conditions. To address the health insurance gap in the Nigerian market between domestic and international health insurance products, the firms partnered to deliver affordable health insurance products for Nigerian employers, desirous of protecting and giving peace of mind to their employees and families, it stated. “At a time when the demands of even the best of…

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Insurance companies AVEN Developments and AXA General partner for Egyptian realtor

EGYPT – AVEN Developments and AXA General Insurance, one of the world’s largest insurance companies, have signed a partnership agreement to provide insurance services to unit owners at Baymount Sokhna developments. The partnership agreement is the first of its kind in the Egyptian real estate market. It guarantees the provision of innovative insurance and protection services to the owners of units in the Galala region of Ain Al-Sokhna. Furthermore, it provides them with Roadside Assistance services, even if they are driving outside the premises in the region. This partnership is…

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UK’s Linkham Group acquires majority stake in Kenya’s Resolution Insurance

KENYA – United Kingdom based global insurance solutions provider Linkham Group will acquire a majority stake in Kenya’s Resolution Insurance after agreeing to purchase 100 percent of the equity holding of LeapFrog Investments, a private equity firm backed by US billionaire investor George Soros and JP Morgan for an undisclosed amount. The companies disclosed that the agreement is subject to certain closing conditions, including regulatory approvals in Kenya, and is expected to complete within the first quarter of 2021. In a joint statement, the two firms said that the Insurance…

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IFC partners Leadway Vie Côte d’Ivoire to increase access to life insurance for women

CÔTE D’IVOIRE – IFC, a member of the World Bank Group, and insurance company Leadway Vie Côte d’Ivoire have announced a partnership to increase access to life insurance for women in Côte d’Ivoire and create jobs for women as insurance brokers in the country. Under the partnership, IFC will help Leadway Vie Côte d’Ivoire, a subsidiary of Leadway Assurance Limited Nigeria, develop an insurance strategy and products tailored to Ivoirian women. Currently, only 2 percent of women in Côte d’Ivoire have life insurance, leaving millions of women-headed families at potential…

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