The transfer of Sanlam General Insurance to Jubilee Allianz general insurance Limited, which is valued at KES 820.6 million, has been approved by the Insurance Regulatory Authority (IRA). This deal approves the transfer of the whole general insurance business following the Sanlam and Allianz merger announcement in 2022.
Transfer Covers all Policies
As per the approval, Jubilee Allianz will take over all the insurance policies, assets and liabilities of Sanlam’s General Insurance, and this is part of a bigger merger between Sanlam and Allianz in Africa aimed at creating a stronger insurance company. The transfer ensures continuity in underwriting and claims management, which was effective on 31 December 2023, and policyholders will be issued certificates of assumption upon request.
The Joint Venture between Sanlam and Allianz – SanlamAllianz, is expected to operate in 27 countries in Africa with a Group-wide equity value in excess of R 35B (USD 2.02B/KES 262B). The joint venture is expected to offer a wide array of insurance products and financial services, and the agreement excludes South Africa.
Also Read: Jubilee Reaps KES 4.5B Windfall from Allianz Sale
