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Ruto-linked Amaco rises to biggest matatu insurer
President Ruto’s family owns 190,000 shares or 15.83 percent of Amaco through Yegen Farms Limited, where First Lady Rachel Ruto and daughter Charlene Ruto are listed as shareholders, according to government records as of October 25, 2024.
A firm linked to President William Ruto's family has toppled an insurer majority-owned by media mogul Samuel Kamau (SK) Macharia as the leader of Kenya’s multi-billion public service vehicle (PSV) insurance market.
Africa Merchant Assurance (Amaco), partly owned by President Ruto’s family and close allies, has won business worth billions of shillings in recent years to grow market share to 54.71 percent at the end of March this year from 37.51 percent in December o perch itself at the summit of insuring matatus.
