Invesco Assurance Company Limited, a leading insurer in Kenya’s public transport sector, has been placed under provisional liquidation following a High Court order issued on July 31, 2025. The development marks a significant turn in the company’s ongoing insolvency proceedings.
Diana Nduku Mumo Appointed Provisional Liquidator
In a notice dated August 26, the court appointed Diana Nduku Mumo as the Provisional Liquidator, tasked with overseeing the company’s affairs during the liquidation process.
“Pursuant to the provisions of the Insolvency Act, take notice that Diana Nduku Mumo… was appointed as Provisional Liquidator of Invesco Assurance Company Limited pursuant to an order of the court issued on 31st July 2025,” the notice stated.
Creditors have been directed to file their Proof of Debts with the liquidator, while the company’s directors must submit a statement of affairs within 21 days of the notice.
Insolvency Petition and Public Notification
The insolvency petition, dated December 20, 2024, is pending before the High Court at Milimani Commercial and Tax Division under Insolvency Petition E087 of 2024. The court has ordered that all creditors and stakeholders be notified via public advertisement.
“Service of the Application and the Liquidation Petition has been effected on all Creditors and Stakeholders of the Company as Ordered by the Court vide this advertisement,” the notice added.
Timeline of Regulatory Intervention
This latest court action follows a series of regulatory interventions:
- On August 14, 2024, the Insurance Regulatory Authority (IRA) placed Invesco under statutory management, appointing the Policyholders Compensation Fund (PCF) as manager for six months.
- A moratorium was declared on all payments to policyholders, claimants, and creditors.
- On February 14, 2025, the Commissioner of Insurance extended the statutory management period by another six months.
Financial Collapse and Prior Liquidation
Invesco’s financial troubles date back to 2022, when the insurer settled only 48,207 out of 3.69 million claims, resulting in a 1.2% payment ratio, the lowest in the industry. The company was fined Ksh 24.94 million for failing to submit audited accounts and remains on the IRA’s redlist.
In February 2023, the High Court issued a decree of liquidation, appointing the Official Receiver to manage the company’s assets. The IRA subsequently revoked Invesco’s license to issue new policies, advising existing policyholders to seek alternative cover.
“The company was no longer authorized to issue insurance policies or enter into any new contracts of insurance,” the IRA stated in its February 2023 announcement.
About Invesco Assurance
Founded in 1993, Invesco Assurance offered a range of insurance products, including motor, fire, marine, personal accident, and medical cover. It was widely known for its role in underwriting matatu insurance, a critical segment of Kenya’s public transport ecosystem.
