CIC Group gets licence to open in South Sudan

Friday August 08 2014

CIC Insurance has received approval from the South Sudan government to start operations in the country.

The insurance group’s chief executive Nelson Kuria told the Business Daily Thursday CIC will start operations immediately.

The expansion is expected to cost the listed firm Sh500 million, which will be funded through internal cash reserves and proceeds of the upcoming bond issue.

“We started our operations yesterday given we had already set up everything waiting for the approval. We have a workforce of four employees but the number is set to go up as we strengthen our numbers,” said Mr Kuria.

CIC will join a list of Kenyan companies which have operations  in South Sudan that include KCB, Equity, CfC Stanbic, Co-operative Bank, Britam, UAP and Resolution Insurance.

Earlier, CIC said it was seeking to enter into strategic partnerships that would include the South Sudan government.