Kenya’s insurance industry has recorded remarkable growth over the last decade, with the industry doubling in size in the last five years. This growth has attracted positive interest from international insurers in the local market.
IKM acts for several insurance companies, assisting them not only with insurance disputes and claims, but also corporate deals, regulatory issues, employment claims, competition, restructuring, and mergers and acquisitions.
Experience has included advising:
- Norwich Union Limited in an acquisition transaction. The brief included: conducting a legal and tax due diligence on the target company, giving legal and tax advice, structuring the transaction, and preparing the preliminary documents, including a share purchase agreement and other ancillary documents
- A cement manufacturing company in a claim for USD16 million against a leading regional insurance company for failure to indemnify it from losses incurred resulting from the collapse of a blending silo at the clinker manufacturing plant. The brief entails proving to the court that the loss is contemplated under the insurance policy and is not among the exempted causes
- Three leading insurance companies in defending hundreds of material damage claims and work injury claims filed against their insurers
- An international financial institution on a matter in which it is investing an aggregate sum of USD5 million in one of the leading insurance companies in Kenya by way of a debt instrument
- A leading financial institution in Africa on the process and feasibility of setting up a bancassurance business model in Kenya. The brief involved: advising the client on the acquisition of a target insurance company, the procedure and requirements for establishing an insurance company, advising on the prevailing legal framework in Kenya, engaging with the insurance and banking regulators and providing advice on the practical implementation of the bancassurance business model in Kenya
- In a due diligence and a restructuring exercise of a group of 8 companies, including an insurance company