An insurance company co-owned by Kasarani MP and SportPesa CEO Ronald Karauri has grown to become one of the leading insurers in Kenya’s matatu industry.
The Nairobi-based company, known as Definite Assurance Company, now handles about a quarter of insurance claims in the matatu sector, according to Business Daily.
By June 2026, its market share had increased to 25.03%, up from just 4.74% a year earlier.
Karauri is a major shareholder in the company, alongside Peter Mbugua, who owns the Quiver Lounge & Grill chain of bars and entertainment venues.
Previously, Kenya’s insurance market was controlled by Directline Assurance, whose one of the major shareholders is Royal Media Services founder S.K. Macharia.
One of Directline’s biggest competitors was African Merchant Assurance Company (Amaco), whose shareholders include First Lady Rachel Ruto and her daughter Charlene Ruto.
Other top players in Kenya’s insurance scene include Pioneer, Invesco, Britam, and GA Insurance.
Entering the Kenyan market
Definite Assurance Co. entered the Kenyan market on Dec. 11, 2024, after its shareholders raised ksh 600 million in capital ($4.6 million).
From the get-go, the company focused on insuring matatus, which make up the largest share of Kenya’s public transport sector.
However, Insurance Regulatory Authority (IRA) CEO Godfrey Kiptum explained that Definite was licensed to handle all kinds of insurance claims, including medical, fire, aviation, and home insurance.
Registry records suggest that Kushian Muchiri is the company’s largest shareholder with 30%, followed by Mikaj Topgrains Co. with 25%.
Mbugia and Karauri held 22% and 10% shares, respectively.
In 2025, the partnership was rocked by disputes, and Mbugua, who had invested Sh 175 million, sought to sell his stake for Sh 500 million, while other shareholders sought to sell their claims for Sh 195 million.
However, the disputes were later resolved, and Mbugua remains one of the company’s largest shareholders.
Other businesses
Aside from his stake in Definite Assurance, Karauri has built a fortune as the head of Sports Pesa, one of the largest betting companies in Kenya.
Reports suggest that he started in the company after selling a plot of land for ksh 25 million.
Sports Pesa grew by leaps and bounds in the 2010s and has sponsored English Premier League club Everton and Kenyan football.
Although Sports Pesa exited the Kenyan market in 2019 following a tax dispute, the company made its reentry through Milestone Games Ltd, still co-owned by Karauri.
Karauri, who previously worked as a Kenya Airways pilot for 11 years, is the current Member of Parliament for Kasarani Constituency and has recently shown interest in the Nairobi County gubernatorial seat.
Mbugua’s Quiver chain operates at least six bars and entertainment joints, located on Thika Road, Kilimani, Eastlands, Kitengela, Kenol, and Murang’a.
He built the brand from a single nightclub along Thika Road into one of Kenya’s largest nightlife and entertainment chains.
A tycoon who has mastered the art of keeping a low profile, reports suggest that Mbugua does not drink alcohol and rarely misses church services despite his line of business.
Aside from Quiver, Mbugua owns and co-owns other businesses in the hospitality sector through his company, Swingers Skypark Lounge Ltd.