The shareholders of insurance group Jubilee Holdings approved on Dec 15 the sale of a majority stake between 51% and 66% in the group’s five African subsidiaries.

The transaction covers Jubilee's short-term general insurance businesses in Kenya, Tanzania, and Uganda and also the short-term general and medical insurance segments in Burundi and Mauritius.

These shares were acquired by the German insurance group Allianz as part of a $100 million strategic partnership, which began last September. Upon completion of this transaction, Jubilee will become a minority shareholder in these entities.

Allianz is committed to transferring skills and capabilities in retail, digital insurance, and micro-insurance to Jubilee's businesses. The finalization of this strategic agreement will be marked by the approval of regulatory authorities in the five African markets where Jubilee operates.

Chamberline Moko