A petition seeking the liquidation of Xplico Insurance company will be heard on 7 May 2024, according to Kenya Gazette notice dated 22 March.
- The Insurance Regulatory Authority (IRA) placed Xplico Insurance under statutory management in December 2023.
- The regulator appointed the Policyholders Compensation Fund (PCF) as the statutory manager.
- Xplico’s troubles begun in March 2022 after a creditor filed a liquidation petition, but it had also seen boardroom conflicts for close to decade.
Before its troubles, Xplico was a significant player in the PSV insurance cover market. It also offered insurance products to individuals, SMEs and the larger corporate market. Its products included covers in areas of micro-health, sports, travel, aviation, marine, trade & credit and structured finance.
Another petition for its liquidation was filed on the 21 November 2023, just weeks before IRA took regulatory action on the insurer. According to the Gazette notice, any creditor or customer seeking to support or oppose the issues in the liquidation petition may appear in person or through an advocate.
Xplico has been prohibited from issuing new insurance contracts since 8 December 2023. Statutory managers took control and management of Xplico’s business and assets and now operate the underwriter until IRA permits it to resume business on its own.
IRA places Xplico under statotory management (kenyanwallstreet.com)
