The creditors of financial challenged insurer, Resolution Insurance Company could soon make progress on their unsettled claims following the naming of an interim liquidator to begin the process.
- •The High Court has appointed Longe’t Terer as the agent of the company. In a Gazette notice
- •Resolution Insurance was founded in 2002 by Peter Nduati as a medical insurance provider in Kenya,
- •It changed its name to Resolution Insurance in 2013 as it expanded into East Africa.
The firm has since gone down with Sh4.1 billion in Gross Written Premiums, as at December 2021, according to data by the IRA. The highest contributor was the medical insurance with around Sh3.6 billion.
The company has been facing a number of challenges particularly relating to its ability to meet its obligations and mitigate its inherent risks. UK-based global insurance solutions provider–Linkham Group-had in February 2021 made a move for a majority stake in the insurer. The process however dragged in what insiders say was occasioned by findings on poor management and misappropriation of funds, as the firm carried out due diligence.
The Commissioner of Insurance placed it under Statutory Management, and appointed the Policyholders Compensation Fund (PCF) as the Statutory Manager, starting 5th April 2022. Resolution now adds to the growing list of companies under statutory management among them Concord, Standard Assurance, Blueshield, United Insurance Company.
Meanwhile, the High Court has also appointed Tom Mungai Ouma as liquidator of the Small and Medium Entrepreneurial Resource Centre Limited (In Liquidation) previously under administration, following a resolution of the meeting of creditors of the company passed on the 1st September, 2023, and filed in Court in the administrator’s report dated the 15th September, 2023.
Creditors’ of the company are required on or before the 28th January, 2024, to submit the claims they may have against the company to the undersigned, personally or through their advocates.
Resolution Insurance Placed Under Statutory Management – Kenyan Wallstreet
