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CIC Insurance 2019
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Ericsson
#171 Posted : Thursday, March 24, 2022 6:53:00 AM
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Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
VituVingiSana wrote:
https://www.businessdailyafrica.com/bd/markets/market-news/cic-to-subdivide-and-sell-200-acre-land-3757874 CIC Insurance to subdivide 200 acre land for easy sale
>>> Good luck to CIC shareholders

Even ABSA's First Assurance has trouble selling its properties.
Kenya Re has been struggling with selling the Kisumu building.


Britam also in the same predicament.
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Elephant Man
#172 Posted : Friday, March 25, 2022 9:00:30 PM
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Joined: 12/24/2008
Posts: 112
CIC probably left with little option...sometimes the sum of the bits is greater than the sum of the whole...their staff and those of co-op bank and the wider sacco sector could provide a captive market...good decision which Kenya Re could emulate by selling off floors or half floors of ALL their commercial properties...and still remain a significant stakeholder in these properties by say retaining up to 20% of the space for their own needs...
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Ericsson
#173 Posted : Friday, March 25, 2022 11:17:24 PM
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Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
Elephant Man wrote:
CIC probably left with little option...sometimes the sum of the bits is greater than the sum of the whole...their staff and those of co-op bank and the wider sacco sector could provide a captive market...good decision which Kenya Re could emulate by selling off floors or half floors of ALL their commercial properties...and still remain a significant stakeholder in these properties by say retaining up to 20% of the space for their own needs...


Kenya Re are okay,they have a huge cash pile and are debt free.They need to be aggressive in their investment strategy e.g in quoted equities.
CIC have a ksh.4.3bn debt and their cash position not that good.
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Ericsson
#174 Posted : Sunday, March 27, 2022 7:12:07 AM
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Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
Elephant Man wrote:
CIC probably left with little option...sometimes the sum of the bits is greater than the sum of the whole...their staff and those of co-op bank and the wider sacco sector could provide a captive market...good decision which Kenya Re could emulate by selling off floors or half floors of ALL their commercial properties...and still remain a significant stakeholder in these properties by say retaining up to 20% of the space for their own needs...


At ksh.7.5mn each how many of their staff will be able to afford.
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Elephant Man
#175 Posted : Sunday, March 27, 2022 8:03:26 AM
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Joined: 12/24/2008
Posts: 112
Thank you @ Ericsson...please excuse my ignorance as I really have no idea how many CIC staff can afford to pay Kshs 7.5m for a piece of land in Kiambu! Do you?

What I do know it that not too long ago, a teachers sacco bought a dud bank - what does that tell you?
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Ericsson
#176 Posted : Tuesday, April 19, 2022 8:45:05 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
https://www.businessdail...from-co-op-bank-3786394

CIC Insurance Group last year obtained a moratorium on interest payments on a Sh3.4 billion loan owed to Co-operative Bank , saving the underwriter Sh425 million in finance costs in 2021.
The five-year loan matures in September 2024 and carries a fixed interest rate of 12.5 percent, with the principal due in a single bullet payment at the end of the period.

“During the year, the company obtained a moratorium of repayment of interest until October 2022, hence no interest repayments have been made during the year,” CIC says in its latest annual report.
The moratorium on interest payment is part of the accommodation Co-op Bank has given the insurer to give it more financial flexibility. The loan was previously secured — in addition to the land — by cash deposits and corporate guarantees but these have since been dropped.

Co-op owns a 24.8 percent stake in the insurer.
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  | | Edit by user: Tuesday, April 19, 2022 12:16 PM | Reason: Not specified
Ericsson
#177 Posted : Thursday, April 21, 2022 12:25:03 PM
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Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
https://www.businessdail...-by-6-1m-shares-3787788

Co-op Bank chief executive Gideon Muriuki bought an additional 6.1 million shares in CIC Insurance Group

in the year ended December, becoming the latest prominent member in the sacco sector to invest more in the company.

The insurer’s latest annual report shows that Mr Muriuki held 137.8 million shares equivalent to a 5.3 percent stake in the review period.

This was up from 131.7 million shares he held in the prior year.

CIC’s chairman Nelson Kuria, who previously led the company as the chief executive, also bought an additional one million shares in the Nairobi Securities Exchange-listed firm last year.

His holdings rose to 15.3 million shares from 14.2 million shares but the stake remained unchanged at 0.6 percent.

CIC’s current chief executive Patrick Nyaga holds 12.1 million shares in the company equivalent to a 0.5 percent stake. He bought most of the shares soon after he was appointed CEO in June 2020.

Skin in the game
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Ericsson
#178 Posted : Saturday, December 31, 2022 5:03:00 PM
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https://www.capitalfm.co...on-medical-cover-tender/
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DtheK
#179 Posted : Sunday, January 19, 2025 7:24:32 PM
Rank: Member

Joined: 2/15/2010
Posts: 166
Location: Kenya
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/cic-skips-sh425m-interest-on-loan-from-co-op-bank-3786394

CIC Insurance Group last year obtained a moratorium on interest payments on a Sh3.4 billion loan owed to Co-operative Bank , saving the underwriter Sh425 million in finance costs in 2021.
The five-year loan matures in September 2024 and carries a fixed interest rate of 12.5 percent, with the principal due in a single bullet payment at the end of the period.

“During the year, the company obtained a moratorium of repayment of interest until October 2022, hence no interest repayments have been made during the year,” CIC says in its latest annual report.
The moratorium on interest payment is part of the accommodation Co-op Bank has given the insurer to give it more financial flexibility. The loan was previously secured — in addition to the land — by cash deposits and corporate guarantees but these have since been dropped.

Co-op owns a 24.8 percent stake in the insurer.

These people might need a rights issue ASAP to sort this Co-OP loan, like Sanlam.
Unless I misread it has increased to 4.9B, the value of the Kiambu land is 4B.In 2023 they were only able to pay 111M and collected less than 100M in land deposits.
So they'd have to do something to the land that adds 900M in value and then the land would have to appreciate by 12% plus annually?
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obiero
#180 Posted : Thursday, September 04, 2025 8:52:55 PM
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Joined: 6/23/2009
Posts: 14,213
Location: nairobi
DtheK wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/cic-skips-sh425m-interest-on-loan-from-co-op-bank-3786394

CIC Insurance Group last year obtained a moratorium on interest payments on a Sh3.4 billion loan owed to Co-operative Bank , saving the underwriter Sh425 million in finance costs in 2021.
The five-year loan matures in September 2024 and carries a fixed interest rate of 12.5 percent, with the principal due in a single bullet payment at the end of the period.

“During the year, the company obtained a moratorium of repayment of interest until October 2022, hence no interest repayments have been made during the year,” CIC says in its latest annual report.
The moratorium on interest payment is part of the accommodation Co-op Bank has given the insurer to give it more financial flexibility. The loan was previously secured — in addition to the land — by cash deposits and corporate guarantees but these have since been dropped.

Co-op owns a 24.8 percent stake in the insurer.

These people might need a rights issue ASAP to sort this Co-OP loan, like Sanlam.
Unless I misread it has increased to 4.9B, the value of the Kiambu land is 4B.In 2023 they were only able to pay 111M and collected less than 100M in land deposits.
So they'd have to do something to the land that adds 900M in value and then the land would have to appreciate by 12% plus annually?

We live in interesting times

KQ ABP 4.26
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