Businesses & Financial News

Equity Group picks Jonas Mushosho to head new general insurance unit

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By Victor MUJIDU

The Board of Equity Group Holdings Monday announced a receipt in principle of approval from the Insurance Regulatory Authority (IRA) to set up a General Insurance Company.

The application for a General Insurance business license follows the successful launch of Equity Life Assurance Kenya (ELAK) – Life Insurance business last year.

In the 9 months that ELAK operated last year on receipt of product licenses, the firm’s gross Written Premium has since risen to Sh3.99 billion from 4.1 million number of policies issued.

“The impact of the early success of the Life Insurance business inspired the Group Board to seek the General Insurance business license in the hope that Equity Insurance business will contribute in innovatively transforming the insurance industry for the betterment of our people, country and continent through insurance inclusion, affordability, reliability in protecting life, health and wealth under the tag line “The Insurance You Can Trust,” noted a statement from the firm.

This comes after the IRA issued regulations for setting up insurance conglomerates to ensure that each entity in the group has a distinct operational framework, including premises.

As a result, the Group has appointed Jonas Mushosho as the inaugural Chairman subject to regulatory approval by the IRA.

Mushosho is currently the Insurance Trade Finance Programme Coordinator, Afri Exim Bank. Previously Jonas has held various positions in Old Mutual including MD Old Mutual Life-Zimbabwe, Group CEO, Old Mutual-Zimbabwe, and Managing Director Old Mutual-Rest of Africa.

He holds post graduate qualifications from Harvard Business School (USA), Insead Business School (France), London Business School (UK), MBA from University of Zimbabwe and undergraduate BSC accounting (Zimbabwe) and BSC Computing (SA).

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