The Insurance Regulatory Authority (IRA) has placed three distressed insurance firms under statutory management with effect from March 10, 2026 in a bid to protect policyholders and creditors.
The firms which have been placed under statutory management include Trident Insurance Company, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company.
“This regulatory action has been taken to safeguard the interests of policyholders, creditors, and the general public, and to allow for an orderly assessment and stabilization of the companies’ financial and operational positions,” said Godfrey Kiptum, IRA Chief Executive Officer.
In the notice, IRA has similarly barred the three insurers from entering any new contracts with effect from Mach 11, 20226 with the Policyholders Compensation Fund (PCF) having been appointed to take control of their management and operations.
“The insurer’s Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no necessary exposure,” said Kiptum.
According to quarterly data by the insurance regulator, Corporate Insurance Company is currently in financial distress after reporting losses amounting to Ksh 67.6 million by close of September last year while Trident did not file any results with the regulator.
