Directline Assurance has announced its closure and the ceasing of its operations.
In a statement on Monday by the Chairperson of Royal Credit Limited SK Macharia, he said the insurance company was terminating all its employee's contracts.
Macharia also declared the dissolution of the company's Board of Directors
"The board of directors of Directline has been dissolved and all the assets taken over by Royal Credit Ltd. All employees have been dismissed, and Directline will no longer issue insurance services," Macharia said.
Directline joined the Kenyan market in November 2005 as a motor vehicle insurance company.
The company provided insurance cover for Public Service Vehicles (PSV).