Kenyan businessman SK Macharia’s firm regains lead, overtakes President Ruto-linked Amaco

Directline Assurance, owned by Kenyan businessman Samuel Kamau Macharia, has regained its position as Kenya’s largest public service vehicle (PSV) insurer after strong first-quarter 2026 results, overtaking Africa Merchant Assurance Company (Amaco), a firm linked to President William Ruto’s family.

Researched data from Kenya’s Insurance Regulatory Authority shows Directline recorded Ksh610.16 million ($4.72 million) in gross premiums, capturing 62.11% of the Ksh982.41 million PSV insurance market. The rebound signals a major shift in Kenya’s motor insurance sector, where competition for PSV coverage, serving matatus, buses, and commercial fleets, remains intense.

Directline regains PSV insurance dominance

The rebound restores Directline’s leadership in Kenya’s PSV insurance market, a critical segment supporting the country’s public transport ecosystem, including matatus, buses, and commercial passenger fleets.

Amaco, which had led the market over the past two years, saw its share fall to about 21%, allowing Directline to reclaim the top spot. The shift highlights the volatility of Kenya’s motor insurance industry, where pricing discipline, claims management, and customer retention drive market leadership.

Ownership dispute clouds resurgence

Despite its strong financial performance, Directline’s resurgence comes amid an ongoing ownership dispute involving Macharia. The businessman has challenged changes to the company’s shareholding and directorship records in Kenya’s High Court.

At the center of the case is a contested CR12 document, the official registry record identifying a company’s shareholders and directors. Macharia alleges that irregular share transfers led to inaccurate ownership records, raising concerns over who legally controls the insurer.

Court pushes for governance clarity

Presiding judge Francis Gikonyo emphasized that the dispute must focus on establishing Directline’s lawful ownership structure. The court warned that unresolved governance issues could complicate regulatory oversight in a sector that requires strict compliance.

Macharia has called on the Insurance Regulatory Authority and the Office of the Attorney General to clarify the company’s ownership, stressing the need for transparency in Kenya’s insurance sector.

Market competition intensifies

Directline’s return to the top underscores shifting dynamics in Kenya’s PSV insurance market, where leadership can change rapidly amid intense competition.

For regulators and investors, the case highlights the importance of corporate governance, accurate shareholder records, and regulatory clarity in maintaining confidence in financial institutions.

The ownership dispute is scheduled for further hearing on April 13, 2026, even as Directline’s strong Q1 performance positions it firmly ahead of Amaco in the race for market dominance.