Other than owning Quiver Lounge and Grill, Peter Mbugua is also part of the ownership team behind Definite Assurance Company Limited, a new insurance firm targeting the public service vehicle (PSV) sector.
The company received its operating license from the Insurance Regulatory Authority (IRA) on December 11, 2024.
Mbugua, alongside his business partners, including SportPesa CEO Ronald Karauri and businessman Kushian Muchiri, is betting on the firm’s potential to disrupt the sector with innovative and competitive policies.
Mbugua, who has interests in various businesses, has been keen on diversifying his portfolio, and Definite Assurance marks his foray into the lucrative insurance sector.
Official records indicate that his firm, Swingers Skypark, is still listed as a shareholder in the company.
However, behind the scenes, a shareholder dispute has emerged.
Mbugua had initially sought to exit the business before the licensing, demanding Ksh 195 million for his 22% stake.
But after the regulatory approval, he changed his stance, now valuing his shares at Ksh 500 million.
His partners, however, argue that he had already resigned and signed transfer documents, insisting that he should collect the earlier agreed Ksh 195 million.
Mbugua is not new to scrutiny over his business dealings.
In 2024, he was accused of defrauding a Thika couple and another investor, Onesmus Muturi of Platinum Distillers, in a Ksh 15 million land deal gone sour.
The allegations claim Mbugua negotiated to buy a property in Thika Section Nine for Ksh 14 million, paid only Ksh 2 million, and promised the sellers shares in Quiver instead of the balance.
He then allegedly sold the same property to Muturi for Ksh 15 million without completing the initial transfer, leaving both parties in a legal tangle.
While Mbugua has not publicly addressed these claims in detail, the case, pending in Thika Law Courts as of mid-2024, has cast a shadow over his reputation, with some alleging a pattern of questionable dealings tied to his wealth.