Jazz International takes control of TPL Insurance after acquiring 76.33% stake
Transaction transfers control from TPL Corp to the Jazz and VEON ecosystem; Aamir Hafeez Ibrahim becomes chairman, with new directors, CFO, company secretary and registered office announced
Jazz International Holding Limited has completed the acquisition of 76.33% of TPL Insurance Limited’s issued share capital, taking control of the insurer and triggering changes to its board.
The transaction was completed on July 13, 2026, under a Share Purchase Agreement between Jazz International Holding Limited and TPL Corp Limited, along with a mandatory tender offer conducted under applicable laws.
The relevant shares have been transferred into the name of Jazz International Holding Limited, according to separate disclosures submitted by TPL Corp Limited and TPL Insurance Limited to the Pakistan Stock Exchange.
The completion follows earlier announcements issued on April 20, 2026, regarding the proposed acquisition.
Following the transfer of control, Jameel Yusuf Ahmed, Rana Assad Amin and Benjamin Brink resigned from the board of TPL Insurance with effect from July 13.
Aamir Ibrahim, Farrukh H. Khan, Ahmet Kayhan and Moin M. Fudda joined the board on the same date.
The reconstituted seven-member board now comprises Aamir Hafeez Ibrahim, Muhammad Ali Jameel, Ahmet Kayhan, Moin M. Fudda, Farrukh H. Khan, Naila Kassim and Aqueel E. Merchant.
Jameel Yusuf Ahmed has also ceased to serve as chairman, while Aamir Hafeez Ibrahim has been appointed chairman of the board.
The appointments of the incoming directors remain subject to approval by the Securities and Exchange Commission of Pakistan under the Insurance Companies (Sound and Prudent Management) Regulations, 2012.
TPL Insurance also announced changes to its management. Shayan Mufti has stepped down as company secretary and has been replaced by Nadia Parveen Hussain.
Khawaja Saad Sohail has been appointed Chief Financial Officer.
TPL Corp and TPL Insurance said the insurer’s inclusion in the Jazz and VEON ecosystem was expected to provide access to wider distribution channels, stronger digital capabilities and opportunities to expand technology-based insurance products in Pakistan.
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