CHANGE OF GUARD

Britam appoints new managing director

Madzinga’s appointment followed an in-depth recruitment process which spanned over two years

In Summary
  • Tavaziva Madzinga will take over from Benson Wairegi, who is set to retire as the Group Managing Director effective January 31 2021.
  • He is an actuarial scientist, holder of a Bachelor of Science Degree from the University of Cape Town .
Tavaziva Madzinga, new Britam Group Managing Director
Tavaziva Madzinga, new Britam Group Managing Director
Image: COURTESY

Britam Holdings has announced the appointment of Tavaziva Madzinga as the Group Managing Director, effective February 1 2021.

Madzinga will take over from Benson Wairegi, who is set to retires effective January 31 2021.

In an internal memo to directors and staff,  chairman Andrew Hollas said that Wairegi has served Britam diligently for 40 years and has helped grow the company from a small home service insurance to a listed multinational company

“On behalf of our shareholders and the Board, I want to express my deep appreciation to Wairegi for his steady leadership which has seen Britam experience rapid growth,” said Board Chairman, Andrew Hollas.

Madzinga has attended INSEAD Business School, France and Harvard Business School.

The Zimbabwean national has over 20 years’ experience in the Insurance industry and has served in as Chief Executive Officer Swiss Re (UK & Ireland), Managing Director, Swiss Re Middle East & Africa, Regional Chief Executive Officer South & East Africa Old Mutual.

He worked for Swiss Re for 3 years and at Old Mutual for 16 years which included being Chief Executive Officer in Kenya.

Madzinga’s appointment followed an in-depth recruitment process which spanned over two years.

“The board is confident that the Company will benefit immensely from Madzinga’s skills, knowledge and vast experience,” Hollas said.

Through a mix of organic growth and acquisitions, Britam now has operations in Kenya, Rwanda, South Sudan, Uganda, Malawi, Mozambique, Tanzania.

Britam’s share price had rallied to hit highs of Sh40 in 2014 but has receded to the current levels of Sh7 on a mix of factors including the general bear market and major losses at its associate HF Group.

The diversified financial services firm last year emerged from a loss to post an all-time high net profit of Sh3.54billion helped by growth in insurance revenue and appreciation in value of financial assets.