Saturday, April 4, 2020
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Amaco Insurance set to undergo liquidation

Africa Merchant Assurance Company(Amaco) an insurance firm associated with DP William Ruto is set to undergo liquidation.

In a petition filed by Beth Kihara in conjunction with six others, creditors and any other interested parties have been called upon to join the petition.

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Creditors and Contributors of Amaco Insurance have been advised to either appear in person or through an advocate.

It is however not clear why the insurance company is facing liquidation at the moment.

Previously, the company was involved in a tussle with Mama Rael Medical Clinic over Ksh 15 million debt.

Other customer complaints have also been raised over the delayed settlement in just a single year.

The insurance firm that has 19 years of experience has been able to record profits of up to 75million by reducing their operating costs and liabilities.

They control 1.68% of the market and currently will rely on its assets to pay off the debts and pending settlements.

The case was mentioned on November 7th and is expected to be heard on January 30th, 2020.

A report by the Insurance Regulatory Authority also named Invesco Insurance as another company with the highest number of customer complaints.

Berryl Achieng
Kenyan news interests me a lot but I also keep tabs on other news making headlines in Africa and around the world.


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