NAIROBI, Kenya, May 15 – Equity Group Holdings has received regulatory approval from the Insurance Regulatory Authority (IRA) to set up a general insurance company.
The general insurance business license application follows the successful launch of Equity Life Assurance Kenya (ELAK), a life insurance business, last year.
In the nine months that ELAK operated last year on receipt of product licences, its gross written premium hit Sh3.99 billion with 4.1 million issued policies and a profit after tax of Sh281 million, among others.
The impact of the early success of the life insurance business inspired the Group Board to seek the General Insurance business licence.
Its entrants into the industry seek to promote insurance inclusion in Kenya as well as on the African continent with affordable and reliable healthcare services.
Consequently, the Group Board has appointed Jonas Mushosho as the inaugural Chairman, subject to the approval of IRA.
Mushosho is currently the Insurance Trade Finance Programme Coordinator at Afri Exim Bank.
Jonas has previously held various positions at Old Mutual, including as a Managing Director (MD) at Old Mutual Life-Zimbabwe, Group CEO at Old Mutual-Zimbabwe, and MD at Old Mutual-Rest of Africa.
He holds postgraduate qualifications from Harvard Business School (USA), Insead Business School (France), London Business School (UK), an MBA from the University of Zimbabwe, and undergraduate BSC accounting (Zimbabwe) and BSC computing (SA).
