Ronald Karauri, a co-founder and prominent shareholder of the betting firm SportPesa, has ventured into the general insurance sector.
Karauri among other partners, is targeting the public service vehicle (PSV) segment, which has historically been a loss-making area for many insurers according to Business Daily.
Definite Assurance Company Limited, the latest entrant into Kenya’s general insurance market, received its license from the Insurance Regulatory Authority (IRA) on December 11, 2024.
The approval followed the company’s successful capital raise of Ksh.600 million. Karauri holds a 10% stake in Definite Assurance, with 600 ordinary shares. The total capital raised is represented by 6,000 ordinary shares, each valued at Ksh.100,000.
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