CHANGE OF GUARD

CIC Insurance taps former chief as new chairman

Nelson Kuria replaces James Magomere who has been at the helm for 16 years.

In Summary

•The firm said the board change is part of its plan to strengthen the overall governance and strategic leadership of the institution.

•The diversified insurance firm is among top three in the country according to Insurance Regulatory Authority (IRA).

Nelson Kuria
Nelson Kuria

CIC Insurance Group has appointed former chief executive Nelson Kuria as the new chairman to replace James Magomere who has been at the helm for 16 years.

The firm said the board change is part of its plan to strengthen the overall governance and strategic leadership of the institution.

The diversified insurance firm is among top three in the country according to the Insurance Regulatory Authority (IRA) data.

Kuria brings a wealth of expertise and experience in insurance industry spanning over 36 years, including his successful tenure as the Group CEO of CIC Insurance Group where he retired in February 2015.

“The board takes this opportunity to congratulate Dr Kuria on his election as the Chairman of the board of CIC Insurance Group Plc,” the firm said.

The new chair was in September last year appointed as an independent non-executive director of the CIC board, marking his return to the insurer.

He has served as a board member of many firms including Kenya Re, College of Insurance, Takaful Insurance of Africa, Kenyatta National Hospital, and the International Co-operative and Mutual Insurance.

The recent changes are part of the transformation process that began in June last year with the appointment of a new CEO Patrick Nyaga.

In addition, new CEOs were also appointed to take charge at the subsidiary businesses.

The Board also announced the retirement of Jyoti Patel and the appointment of James Njue Njiru as vice chairman of the board.

The new appointments are expected to breathe new life in the listed insurer which like the general sector, has suffered setbacks arising from Covid-19.