Struggling matatu insurer, Invesco Assurance Company Limited, has been placed under provisional liquidation following a High Court order issued on July 31, 2025.
In a notice dated Tuesday, August 26, the court appointed Diana Nduku Mumo as the Provisional Liquidator of the company, marking the latest development in the ongoing insolvency case.
“Pursuant to the provisions of the Insolvency Act, take notice that Diana Nduku Mumo, of P.O. Box 9503-00100 Nairobi, was appointed as Provisional Liquidator of Invesco Assurance Company Limited pursuant to an order of the court issued on 31st July 2025,” read the notice in part.
Creditors of the company are required to send full particulars of all their claims by filing their Proof of Debts against the Company with the undersigned, the Provisional Liquidator of the Company.
Liquidator Appointed for Invesco Assurance, Leading Matatu Insurer
Meanwhile, the Directors of the Company are required to file a Statement of Affairs of the Company to the Liquidator within 21 days of this Notice.
The insolvency petition, dated December 20, 2024, is pending before the High Court at the Milimani Commercial and Tax Division under Insolvency Petition E087 of 2024.
The court has also ordered that all creditors and stakeholders be served with the liquidation application and petition through public advertisement.
“Take notice that an Application and Liquidation Petition dated 20th December, 2024 has been filed in the High Court at Milimani Commercial and Tax Division in Insolvency Petition E087 of 2024,” the notice read further.
“Service of the Application and the Liquidation Petition has been effected on all Creditors and Stakeholders of the Company as Ordered by the Court vide this advertisement.”
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This comes after Invesco was placed under statutory management on August 14, 2024, by the Insurance Regulatory Authority (IRA) in line with Section 67C (2) of the Insurance Act.
The Policyholders Compensation Fund (PCF) was appointed as the statutory manager for a period of six months, effective on the same date.
PCF declared a moratorium on all payments by the insurer to policyholders, claimants, and other creditors for six months from August 14, 2024.
However, earlier on February 14, the Commissioner of Insurance extended the statutory management period for Invesco Assurance Company Limited for an additional six months, effective immediately.
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Invesco Put on Liquidation
In 2023, Invesco Assurance Company Limited was placed under liquidation. On February 6, 2023, the court issued a decree of liquidation and appointed the Official Receiver as the provisional liquidator to take over the management and assets of the company.
According to IRA, which announced the liquidation order on February 24, 2023, the company was no longer authorized to issue insurance policies or enter into any new contracts of insurance.
Existing policyholders were advised to immediately seek alternative cover from other licensed insurers to avoid unnecessary exposure.
At the same time, the PCF was directed to compensate affected claimants in line with the provisions of the Insurance Act, Cap 487, Laws of Kenya.
In the last quarter of 2022, the insurer faced a cash crisis that resulted in only 48,207 out of 3,692,353 claims being settled, leading to a payment ratio of 1.2% — the lowest among all insurers in the country.
Invesco was also fined for various violations, including late payment of claims and failure to submit audited accounts in Q3 2022.
The company was fined the highest amount, Ksh 24.94 million, for missing the deadline for submitting audited books, and it remains on the IRA’s blacklist.
Invesco Assurance Company Limited was established in 1993 and offered various insurance products, including motor, fire, marine, personal accident, and medical insurance.
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