EXIT

Britam General Insurance CEO resigns

Kathanga has worked extra to keep the general life insurance at Britam afloat at the time the sector take hit from low penetration

In Summary
  • She has been at the firm for the last 13 years
  • Jackson Theuri, the current chief operating officer appointed in acting capacity

 

Margaret Kathanga yesterday left Britam Holdings Limited where she has been serving as chief executive officer for General Insurance segment.

In a statement to media houses, the diversified financial service group said Kathanga who has been at the firm for the last 13 years has opted to pursue personal interests.

''I would like to thank her for the contribution and leadership during her tenure. On behalf the board of directors I would like to wish Margaret success in her future endeavour,” said Group managing director Benson Wairegi.

 

The company which has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi has appointed Jackson Theuri, the current chief operating officer in acting capacity.

Kathanga has worked extra to keep the general life insurance at Britam afloat at the time the sector take hit from low penetration both in Kenya and in other African markets.

According to Kenya Association of Insurers (AKI),  penetration in Kenya has dropped to 2.43 percent of Gross Domestic Product (GDP), the lowest in 15 years.

Last month, rival firm Sanlam Plc  gave its staff especially in the general life segment two weeks to consider going for voluntary early retirement. 

Despite recording the worst performance in five years, Kenya is upbeat of a rebound this year after some insurance companies posted impressive results for the 2019 half-year.

 Britam’s half-year profit before tax rose by 78 per cent to $22.8 million, from $13.3 million over the same period last year supported by improved performance in the asset management sector.