Established in 2001 as Pan Africa General Insurance Limited to carry on the Company's general insurance business, Pan Africa was formed as a consequence of the aforementioned restructure. It subsequently merged its general insurance business with that of Apollo Insurance Company Limited through the sale and transfer of certain of their respective assets and liabilities to APA Insurance Limited. The transaction resulted in Pan Africa acquiring a 39.97 % shareholding in APA Insurance Limited. The company changed its name from Pan Africa General Insurance Limited to Pan Africa Securities to reflect its new business.

In addition to its shareholding in APA insurance Limited, Pan Africa retained its non- general insurance business including its 100% stake in Mae Properties Limited as well as certain immovable property in the City of Nairobi.