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Saccos swap Sh660m claims into shares of Kuscco insurer
Delegates attending a past Kenya Union of Savings and Credit Co-operatives (Kuscco) Limited Annual General Meeting at Hilton hotel in Nairobi on May 28, 2021.
Eighteen saccos have converted Sh660 million worth of claims in Kuscco Mutual Assurance Limited (KMAL) into an undisclosed stake in the entity ahead of the planned sale of a majority ownership in the Kenya Union of Savings & Credit Co-operatives Ltd (Kuscco)-owned insurer.
Kusccco managing director Arnold Munene said in an interview the sealing of a deal to dispose of a key stake of Kuscco Mutual Assurance to strategic investors is likely to conclude in November and saccos have been supporting this through the claims-to-equity transactions.
