CIC Insurance Raises KSh1.8bn From Land Near Tatu City and Kajiado
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CIC Insurance has unlocked KSh1.8 billion by selling major land parcels near Tatu City and in Kajiado. The move reflects growing pressure on insurers to convert land holdings into liquid capital.
CIC Insurance Group has sold two major land parcels in Kenya, raising about KSh1.8 billion as part of a broader balance sheet strengthening strategy. The transactions involved a 50-acre block near Tatu City and an additional 100-acre parcel in Kajiado County.
The insurer said the proceeds will improve liquidity and support its financial stability, especially at a time when firms are under pressure to hold more liquid assets rather than long-term property.
The move highlights a wider shift in the insurance sector, where companies are reducing exposure to large, undeveloped land banks and instead freeing up capital for core operations and debt reduction. CIC has also been working to restructure its liabilities using proceeds from previous land monetisation efforts.
Despite the sale, the company still retains significant land holdings in key growth corridors, suggesting further asset optimisation could follow as market conditions evolve.