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Saturday, August 19, 2017

Corporate History

SERVICE TO THE NATION SINCE 1978.

The year 1978 proved to be a milestone for the Insurance Sector in the region , Indian Insurance Companies operating in Kenya decided to merge and form a vibrant joint venture with moral and financial support from leading local business elite. The idea became reality on 6th December 1978 with the birth of Kenindia Assurance Company Limited.

The following are the insurance companies working in Kenya which merged in 1979 to form Kenindia:

  • New India Assurance Co. Ltd.
  • Oriental Insurance Co. Ltd
  • United India Insurance Co. Ltd.
  • Life Insurance Corporation of India

The following became the principal shareholders after 1979:

Indian Shareholding

  • Life Insurance Corp. Of India 10.21%
  • General Insurance Corporation Of India 9.19%
  • New India Assurance Co. Ltd. 9.19%
  • Oriental Insurance Co. Ltd. 9%
  • United India Insurance Co. Ltd. 9.19%
  • National Insurance Co. Ltd. 9.19%

Local Shareholding

  • M/s Chandaria Foundation & Dr. Manu Chandaria heading Comcraft group of companies, a multinational group with concerns worldwide.
  • Sansora Group of Companies , one of the largest millers and industrial concerns in the country.
  • Mr. Mahendra Mehta heading MEHTA GROUP OF COMPANIES, a well-known multinational group.

Since then, Kenindia has grown from strength to strength to become a leading household name in Kenya. By 1996, a span of 18 years, the Company had crossed the KShs. 2 billion gross premium income mark to become the largest non-life Insurer in Kenya. This profile is in itself a statement of the remarkable stage the company has reached in its evolution since that merger in 1978.

By 2007, a span of 29 years, the company had crossed the Ksh 3 billion gross premium income mark to become the largest non-life insurer in Kenya. This profile is in itself a statement of the remarkable stage the company has reached in its evolution since that merger in 1978.

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