Jubilee chairman Nizar Juma. FILE PHOTO | NMG
Summary
- The Insurance Regulatory Authority (IRA) has approved an application by Jubilee Holdings to split its insurance businesses to increase efficiency and management focus, with the company creating two new subsidiaries to house medical and general underwriting business.
- Operations of the Nairobi Securities Exchange-listed firm had been run under its fully-owned subsidiary Jubilee Insurance Company of Kenya Limited (JICKL).
The Insurance Regulatory Authority (IRA) has approved an
application by Jubilee Holdings to split its insurance businesses to
increase efficiency and management focus, with the company creating two
new subsidiaries to house medical and general underwriting business.
Operations
of the Nairobi Securities Exchange-listed firm had been run under its
fully-owned subsidiary Jubilee Insurance Company of Kenya Limited
(JICKL).
In the application, JICKL said it would
transfer its medical insurance business to the newly created Jubilee
Health Insurance Limited. JICKL is also spinning off its general
insurance business to the newly formed Jubilee General Insurance
Limited.
The transactions, which have been approved,
are to be completed retrospectively and will cover insurance contracts
in existence as of December 31, 2018.
“The Insurance
Regulatory Authority approves the transfer of the medical insurance
business following the scheme of transfer fated December 31, 2018,
between The Jubilee Insurance Company of Kenya Limited (transferor) and
Jubilee Health Insurance Limited (transferee),” IRA Chief Executive
Godfrey Kiptum said in the latest Kenya Gazette.
He issued a similar approval with regard to the general insurance business.
Jubilee chairman Nizar Juma told the Business Daily
in an earlier interview that JICKL would now focus on pensions and life
insurance which is long term in nature. He added that the various
subsidiaries would ultimately be owned by Jubilee Holdings, which is the
publicly-traded entity.
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