Cooperative Insurance Company (CIC) Africa in Malawi has announced plans to offer potential investors a 60 percent stake in line with the objective of the company as a cooperative insurance firm.

According to CIC board chairperson Neil Nyirongo, the shares will be offered to members of Savings and Credit Cooperatives (Saccos) and micro finance institutions. Speaking to The Nation newspapers that ownership is supposed to be member-based, capturing cooperatives as underlying owners of the industry because this is a cooperative-based company.

In April, CIC appointed a new Managing Director Chrispinus Muang’a, as the firm organized a send-off cocktail party for its former country director, Robert Murighi. CIC Board Chairperson outlined the insurance firm’s target to be among the top three best insurers in the country. Currently, CIC is on number 7 out of 14.

CIC is the first cooperative insurance firm in the country, co-owned Malawi Union of Savings and Credit Cooperatives (Muscco) and CIC Insurance Group Limited from Kenya.