Invesco Assurance Company has been placed under liquidation by the Insurance Regulatory Authority (IRA) “with immediate effect” following a ruling by the High Court of Kenya.
“Invesco Assurance Company has been placed under liquidation through a decree of the court dated February 6, 2023, issued in the High Court at Nairobi in Insolvency Petition No. E155 of 2019,” said Godfrey Kiptum, the Insurance Regulatory Authority (IRA) commissioner of insurance and chief executive.
“Following this court decree, Invesco Assurance Company is stopped from issuing insurance policies and therefore not authorised to enter into any new contracts of insurance.”
In 2019, Kinyanjui & Company Advocates filed an Insolvency Petition against Invesco, seeking, among other orders, that the insurer is liquidated to settle more than Sh29 million in debts.
“The question of the liquidity of the applicant [Invesco] is a matter of general public importance as the applicant continues to provide service to the public, in the insurance industry and it is important that the issue be resolved,” Justice Hannah Okwengu of the Nairobi’s Court of Appeal said in a ruling dated November 18, 2022.
“I also take note that the respondents who are said to be accident victims will be prejudiced by any delay in resolving this matter.”
Invesco Assurance Company was incorporated in 1997 under Cap 486 Companies’ Act Laws of Kenya. It was placed under statutory management on February 28, 2008.
The company emerged from statutory management on January 18 2010, after the Matatu Owners Association proposed reviving it.
