CIC opened a subsidiary in Malawi

CIC Insurance Group and the Malawi Union of Savings and Credit Cooperatives (MUSCCO) signed an agreement to open a subsidiary in Malawi.

The agreement signed by Nelson Kuria and Sylvester Kadzola, respective CEOs of CIC Insurance and MUSCCO, committed CIC up to 3.4 million USD in the capital of the new entity and awarded each party a 49% stake.

Note that the Kenyan insurer plans to invest 13.6 million USD for its development in Malawi, Uganda and South Sudan in particular through partnerships with cooperatives.