Equity Group has secured approval from the Insurance Regulatory Authority (IRA) to set up a General Insurance Company.
The bank says the entry into general insurance follows the success it has achieved in the Life Insurance business under Equity Life Assurance Kenya (ELAK).
ELAK currently has a gross written premium amounting to Ksh 3.99 billion having issued policies totaling 4.1 million. Life Assurance also reported a net profit of Ksh 281 million as assets grew over the period to stand at Ksh 5.5 billion.
Equity Group’s board has similarly 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.
He was previously the Managing Director for Old Mutual Life-Zimbabwe, Group CEO, Old Mutual-Zimbabwe, and Managing Director Old Mutual-Rest of Africa.
Jonas holds post-graduate qualifications from Harvard Business School, Insead Business School, London Business School, MBA from University of Zimbabwe and undergraduate BSC accounting and BSC Computing.
