Nairobi, Oct. 29 -- In 1995, when CIC Insurance, then trading as Co-operative Insurance Services Ltd (CIS), was declared technically insolvent and was on the verge of collapse, one man saw a slim chance to rescue the insurer.

CIS's financial struggles were coming at a time when another insurer, Kenya National Assurance Company (KNAC) was facing challenges. KNAC was placed under statutory management the same year and later liquidated, heightening pressure on CIS.

Published by HT Digital Content Services with permission from Business Daily....