Prime Bank has announced acquisition of Tausi Assurance Company Limited.
The successful takeover will see Prime Bank gain 80.7per cent control of the insurance solutions provider.
Commenting on the acquisition, Managing Director Mr. Bharat Jani noted that the strategic partnership will scale up to enable customers enjoy a wide range of insurance solutions through the Bank’s network.
“This merger has strategically position the Bank to take advantage of growth of insurance industry with the aim of ultimately benefiting our stakeholders,” he added.
Established in 1992, Tausi Assurance Company limited is committed to providing individuals and businesses with a wide range of general Insurance products to protect the things they value most.
The insurance provider offers, Industrial all risks, Fire and Allied perils, Consequential Loss and Business Interruption, Engineering, Burglary, Marine, Contractors All Risks, Workmen’s Compensation, Public Liability, Group Personal Accident, Political Violence and Terrorism, Money, Fidelity Guarantee, Domestic Package, Motor, Personal Accident and many more.
The acquisition was completed upon receipt of necessary regulatory approvals from the Central Bank of Kenya and the Insurance Regulatory Authority of Kenya.