Lloyd’s: Govt advances plans for multinational firm to set up hub in Nairobi

Kenya is accelerating plans to attract Lloyd’s of London to establish a regional underwriting hub in Nairobi, more than a year after the insurance marketplace unveiled its intentions. Prime Cabinet Secretary Musalia Mudavadi announced that officials have begun consultative meetings through the Nairobi International Financial Centre (NIFC) to discuss regulatory frameworks, investment prospects, and the practical steps needed for the planned presence.

Mudavadi emphasized that Nairobi is not only Kenya’s capital but also serves as a gateway for global finance and investment into Africa. He stated that a Lloyd’s presence would bolster Kenya’s financial and insurance sector, deepen the city’s connection to global markets, and reinforce Nairobi’s standing as a competitive regional financial hub.

The latest talks are built upon an agreement signed in July 2025 between the NIFC and Lloyd’s, wherein Lloyd’s pledged to position Nairobi as its Sub-Saharan Africa hub. This partnership aims to broaden access to specialized insurance products, facilitate intricate risk underwriting, and enhance ties between African and international insurance markets.

Lloyd’s, a global marketplace for insurance and reinsurance with operations in over 200 countries, offers businesses in Kenya and the wider region access to specialist insurance capacity for sectors like infrastructure, energy, aviation, and other major projects. The government anticipates that the investment will stimulate the growth of insurance and reinsurance expertise in Kenya, potentially attracting more investment, expanding financial services, and generating skilled jobs for the younger population.

Mudavadi highlighted that this development would attract additional investment, bolster financial services, and create employment opportunities for young Kenyans, positioning Nairobi as a city where global capital converges with African opportunity. The initiative aligns with Kenya’s broader efforts to establish Nairobi as a regional financial center, with the NIFC designed to lure international financial institutions and investment firms to set up operations in the country.