History of CIC Insurance Group
The Company started off as an insurance agency in 1968 as a department within the Kenya National Federation of Co-operatives (‘KNFC’). It was later licensed as a composite insurance company in 1978 to write all classes of business trading in the name of Co-operative Insurance Services Limited (‘CIS’). Its target market was the cooperative movement and due to strong support from the co-operatives, it grew steadily.
In 1999, the Company name was changed to The Co-operative Insurance Company of Kenya Limited (CIC). The name change was part of the Company’s market repositioning strategy of completely transforming from the then small company targeting the co-operative movement only to a respected insurer in the country. The Company underwrites both Life and General classes of insurance and has recently ventured into the asset management business.
In 2010 the Company changed its name to CIC Insurance Group Limited. This change was in preparation for the demerger of its life and general business operations. By the end of 2011 the Company had fully demerged resulting in the following subsidiaries:
• CIC Life Assurance Limited
• CIC General Insurance Limited
• CIC Asset Management Limited