APPOINTMENT

CIC Group names Patrick Nyaga as new CEO

Cooperative Bank holds the highest stake in CIC Group at 24.8 per cent.

In Summary
  • Elijah Wachira, managing director of CIC General Insurance Limited has been serving in an acting capacity.
  • The Insurance Regulatory Authority (IRA) and the Capital Market Authority (CMA) have approved his appointment.
Patrick Nyaga, new CIC Group CEO at a past event. He was a director of finance and strategy at Cooperative Bank Group
Image: COURTESY

Nairobi Security Exchange listed Insurance and investment firm; CIC Group has appointed Patrick Nyaga as a new chief executive officer.

The financial expert is taking over from Tom Gitogo who exited the company last October  ahead of the expiry of his four-year contract in February.

Elijah Wachira, managing director of CIC General Insurance Limited has been serving in an acting capacity.

 
 

Nyaga joins CIC from Cooperative Bank Group where he served as finance and strategy director. He has also worked at KPMG and Barclays Bank (Absa).

The Insurance Regulatory Authority (IRA) and the Capital Market Authority (CMA) have approved his appointment.

CIC chairman Japheth Magomere welcomed the appointment saying Nyaga has key strengths that position him to drive the group at this crucial period.

The Group comprises three subsidiaries and an associate company namely CIC Life Assurance, CIC General Insurance Limited, CIC Asset Management Limited and Takaful Insurance of Africa Limited, respectively.

Established in 1968 as a Department of the Kenya National Federation of Cooperatives (KNFC), CIC has since become a leading cooperative enterprise and provider of microinsurance with branches in Uganda, Malawi and South Sudan.

Cooperative Bank holds the highest stake in CIC Group at 24.8 per cent.