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Ruto-linked insurer cuts SK Macharia matatu dominance
Amaco’s growth in PSV insurance business was alongside a 2.7 times jump in premiums from insuring of commercial vehicles (excluding PSVs) to Sh657.4 million to get a market share of 3.01 percent from 1.18 percent.
A quiet shake-up is unfolding in Kenya’s public service vehicle (PSV) insurance market that has seen a firm linked to President William Ruto win business worth billions of shillings at the expense of media mogul Samuel Kamau (SK) Macharia.
Africa Merchant Assurance (Amaco), partly owned by President Ruto’s family and close allies, has more than doubled its market share in just a year, cutting the dominance long held by Mr Macharia’s Directline Assurance.
