CIC Insurance has picked Co-operative Bank Finance and Strategy Director, Patrick Nyaga as its new CEO today
The appointment follows the departure of Tom Gitogo who cut his contract short in October 2019.
In a statement, CIC’s board of directors through Chairperson Japheth Magomere said that Nyaga’s appointment will be effective June 22 following approval by the Insurance Regulatory Authority (IRA) when he will take over from Elijah Wachira who has been holding the steering wheel in acting capacity.
“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.
Nyaga has over 28 years experience in the Kenyan & East Africans financial sectors having worked for different organisations including Barclays Bank, KPMG and most recently the Co-operative Bank of Kenya where he served as Group Finance and Strategy Director.
“His track record as a champion for strategy, broad experience in operational efficiency and diverse leadership experience will be of great benefit to CIC Insurance Group. The Insurance Regulatory Authority has approved his appointment as the Group Chief Executive Officer,” said Magomere.
Increased claims cut down CIC net profit for 2019 by 33.1 percent to Sh321.6 million.