Equity Group Holdings has received regulatory approval from the Insurance Regulatory Authority (IRA) to set up a general insurance company following the successful launch of Equity Life Assurance Kenya (ELAK), in 2022.

ELAK’s gross written premium hit Kes3.99 billion with 4.1 million issued policies in the nine months it has operated since last year on receipt of product licences.

Further, it hit Kes281 million in its profit after tax, 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 and on the African continent with affordable and reliable healthcare services.

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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.