Two top insurance companies merge as market consolidation gather momentum
By Ben Kinyanjui
The insurance Company of East Africa Limited (ICEA) and Lion of Kenya Insurance Company Limited have merged to form ICEA LION insurance company.
Imposing ICEA building in Nairobi
. The two companies are among the market leaders in insurance and financial services in Kenya and the wider East Africa region.
The merger has resulted in the creation of one of the largest insurance groups in the region, with insurance operations in Kenya, Uganda and Tanzania as well as leading subsidiaries in fund management and corporate trusteeship.
A key element of this consolidation has been the establishment of separate life and non-life insurance companies. ICEA LION Life Assurance Company will be a dedicated life assurer while ICEA LION General Insurance Company will be a general insurance company, both operating as subsidiaries of ICEA LION Group.
This separation will enable the two AA rated companies to have complete focus on their core business, for enhanced customer service, specialization, internal efficiency and competitiveness.
The insurance subsidiaries in Uganda and Tanzania, previously controlled separately by ICEA and Lion of Kenya respectively, will also form part of the ICEA LION Group, as will ICEA’s asset management subsidiaries in Kenya and Uganda.
The comapny has assured all clients, intermediaries and business partners that the ICEA LION Group is committed to continue building on the proud history, culture of innovation and excellence established over the years by ICEA and Lion of Kenya.
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