Insurance Regulator Clears Sanlam’s KSh 820.6 Mn Business Transfer to Jubilee Allianz

The Insurance Regulatory Authority (IRA) approves KSh 820.6M transfer of Sanlam General Insurance to Jubilee Allianz Kenya...

✨ Key Highlights

The Insurance Regulatory Authority (IRA) has approved the transfer of Sanlam General Insurance Limited’s entire general insurance business, valued at KSh 820.6 million, to Jubilee Allianz General Insurance (K) Limited.

The transaction finalizes a two-year restructuring process following the Sanlam and Allianz merger announcement in 2022.
The portfolio transfer includes all general insurance policies, such as motor, fire, marine, medical, and other non-life classes, previously issued by Sanlam General Insurance.
The effective date for the valuation of assets and liabilities was 31 December 2023.
This move gives SanlamAllianz full control of the entities and marks Jubilee Holdings’ full exit from the general insurance segment.

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