Quiver Lounge Boss Peter Mbugua and SportPesa CEO Ronald Karauri in Tug-of-War Over Insurance Firm

Quiver Lounge & Grill owner Peter Mbugua and SportPesa CEO Ronald Karauri are embroiled in a shareholder dispute at Definite Assurance Company Limited, the country’s newest insurer targeting PSVs. The conflict began after the Insurance Regulatory Authority (IRA) granted the firm an operating license on December 11, 2024.

Mbugua had initially sought to exit before the license was issued, demanding Ksh 195 million but changed his mind after the regulatory approval, now valuing his 22% stake at Ksh 500 million.

His partners, including Mr Karauri and businessman Kushian Muchiri, insist that he has already resigned and signed transfer documents and should collect the Ksh 195 million.

Official records still list Mr Mbugua’s firm, Swingers Skypark, as a shareholder, suggesting the ownership dispute is unresolved. The insurer, backed by Mr Mbugua’s Ksh 175 million and Mr Karauri’s Ksh 500 million, aimed to disrupt the PSV insurance market following the collapse of Invesco Assurance and Xplico.

Mbugua has accused his partners of sidelining him and running the company behind him. Mr Muchiri argues that the share transfer was completed and the payment is available, while Mr. Karauri has remained silent on the matter. Mbugua has threatened court action through lawyer Dunstan Omari, alleging manipulation of the company’s directorship. The dispute threatens to destabilize the young firm amid a fiercely competitive insurance sector.