CIC Insurance Group has moved to address claims circulating online suggesting that it is linked to an insurance firm recently placed under statutory management.
The company issued a clarification on Wednesday, March 11, after a notice referencing Corporate Insurance Company Limited began circulating on social media, prompting confusion.
The insurer clarified that the company mentioned in the circulating notice has no connection with CIC Insurance Group, insisting that the two organizations are separate entities.
"It has come to our attention that there is a notice circulating online referencing Corporate Insurance Company Limited placed under statutory management.
"We wish to clarify that the company Corporate Insurance Company Limited is a separate and distinct entity with no affiliation to CIC Insurance Group Plc," the notice read.
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CIC reassured customers, partners and stakeholders that its operations remain stable and unaffected by the developments involving the other insurer.
"CIC Insurance Group Ple and its subsidiaries are fully operational in Kenya, Malawi, South Sudan and Uganda. The company is listed in the Nairobi Securities Exchange," the notice concluded.
Notably, in a notice on Wednesday, March 11, the Insurance Regulatory Authority (IRA) announced that Trident Insurance Company Limited, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company Limited were placed under statutory management effective Monday, March 10.
The regulator explained that the action was taken to protect stakeholders while authorities review the companies' financial and operational standing.
"This regulatory action has been taken to safeguard the interests of policyholders, creditors, and the general public, and to allow for an orderly assessment and stabilization of the companies’ financial and operational positions," the notice read.
IRA stated that management of the three insurers had been handed over to a government compensation body tasked with overseeing operations during the intervention period.
"The Policyholders Compensation Fund (PCF) have been appointed to take control of the management and operations of the affected insurers effective 10th March 2026," the notice added.
As part of the intervention measures, IRA has also barred the affected insurers from issuing new policies beginning March 11, 2026.
According to the regulator, Trident Insurance Company Limited, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company Limited are no longer authorized to enter into any new insurance contracts until further notice.
Existing policyholders have been advised to immediately seek alternative insurance cover from other licensed insurers to avoid exposure in the event their current policies cannot be serviced.
The regulator added that the Policyholders Compensation Fund (PCF), which has been appointed as the statutory manager, will handle compensation for eligible claimants.
For policyholders with long-term insurance products, the fund will also provide guidance on how such policies will be managed during the statutory management period.
