Allianz, one of the international insurance players has now joined Uganda’s insurance market after acquiring majority shares in Jubilee Insurance Company of Uganda.
The new player took up 66% of the shares after several approvals from the Insurance Regulatory Authority of Uganda (IRA).
According to Coenraad Vrolijk, the Regional CEO of Allianz Africa, the team is very proud of the development and is looking forward to working together with Jubilee to build out the best general insurance company in Uganda and in East Africa.
IRA’s Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega commended the two insurance companies for the steps they have taken and emphasized that the entry of Allianz into Uganda signifies the trust they have in Uganda’s regulatory framework and the entire business environment in the insurance industry at large. Alhaj Kaddunabbi is hopeful that Allianz will now import its insurance expertise into Uganda and this is likely to improve the sector further.