CIC Insurance would like to double its capital

CIC Insurance is hoping to raise 600 million KES (7.7 million USD) on the financial markets in order to increase its capital at 1.2 billion KES (15.4 million USD). This additional capital will enable it to embark on new regional markets. The insurer also provides for the separation of its life and non-life operations to comply with the new Kenyan regulatory requirements. Out of these initiatives, already approved of by the shareholders, will emerge CIC Life Insurance, CIC General Insurance and CIC Assets Management. CIC insurance is hoping to get listed in the Nairobi stock market in two years' time.