Co-operative Bank group finance and strategy director Patrick Nyaga has been appointed the CIC Insurance CEO.
Nyaga will take over from Elijah Wachira who has been holding the position since October 9, 2019, when the then CEO Tom Gitogo resigned. Insurance Regulatory Authority (IRA) has already cleared him for the position.
Nyaga has been serving as a member of CIC board of directors since June 2011.
“He has key strengths that well position him to drive CIC Group business at this critical position, which include great links and experience with cooperative movement who are CIC’s core and primary market segment as well as core shareholder base,” said chairman Japheth Magomere.
Read: CIC Group Insurance Used Fake Brokerage Firms to Loot Ksh 350million from the Government
He has previously worked with Delmonte Kenya, KMG Kenya, KPMG Rwanda and Absa Kenya.
He holds an MBA from Strathmore Business School, a Bachelor of Commerce degree in Accounting and is a Certified Public Accountant (K).
For the year ending December 2019, CIC posted a three-year low in profits where its fortunes went down by 33.1 percent Ksh321.6 million, due to increased claims.
CIC Group is made up of three subsidiaries and an associate company including CIC Life Assurance, CIC General Insurance Limited, CIC Asset Management Limited, and Takaful Insurance of Africa Limited.
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