Monday, February 24, 2025 - Quiver Lounge & Grill owner Peter Mbugua and SportPesa CEO, Ronald Karauri, are embroiled in a shareholder dispute at Definite Assurance Company Limited, the country's newest insurer targeting PSVs.
The conflict began after the Insurance Regulatory Authority
(IRA) granted the firm an operating licence on December 11, 2024.
Mbugua had initially sought to exit before the licence was
issued, demanding Ksh 195 million but changed his mind after the regulatory
approval, now valuing his 22% stake at Ksh 500 million.
His partners, including Mr Karauri and businessman Kushian
Muchiri, insist that he already resigned, signed transfer documents, and should
collect the Ksh 195 million.
Official records still list Mr Mbugua’s firm, Swingers
Skypark, as a shareholder, suggesting the ownership dispute is unresolved.
The insurer, backed by Mr Mbugua’s Ksh 175 million and Mr
Karauri’s Ksh 500 million, aimed to disrupt the PSV insurance market following
the collapse of Invesco Assurance and Xplico.
Mbugua has accused his partners of sidelining him and running
the company behind his back.
Mr Muchiri argues that the share transfer was completed and
the payment is available, while Mr Karauri has remained silent on the matter.
Mbugua has threatened court action through lawyer Dunstan
Omari, alleging manipulation of the company’s directorship.
The dispute threatens to destabilise the young firm amid a
fiercely competitive insurance sector.
The
Kenyan DAILY POST
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