I&M Bank Limited, through its wholly owned subsidiary, I&M Insurance Agency Limited (IMIAL) has announced the successful completion of acquisition of Youjays Insurance Brokers Limited (YIB). IMIAL acquired 100 percent of the shareholding of the insurance broking firm simultaneously merging its operations with the Group’s Bancassurance division.
The acquisition was completed upon receipt of necessary regulatory approvals from the Central Bank of Kenya, the Competition of Kenya Authority of Kenya and the Insurance Regulatory Authority of Kenya.
IMIAL and YIB entered into this agreement in October 2017 to acquire all of the issued share capital of YIB. IMIAL on its part is expected to benefit from additional capacity and expertise to grow the Bancassurance offering, which provides brokerage services for personal and commercial lines.
YIB has been in existence in the Kenyan market since 1987 and deals with life and non-life insurance business. On the other hand, IMIAL was set up in 2014 and has continued to offer a wide range of insurance products from several leading insurance companies covering Travel, Motor, Household, Child Education and Personal Accident insurance.