Kenya Re picks insider for top job
The board of Kenya Re has appointed Dr Hillary Maina Wachinga as the new Managing Director taking over from Jadiah Mwarania who was the chief executive officer for 12 years.
Mr Mwarania had been on compulsory leave since December last year as the insurer sought his successor and Mr Michael Mbeshi has been steering the ship in an acting capacity.
Prior to his appointment, Dr Wachinga was in charge of risk and compliance operations at Kenya Re Group, a post that gave him a good understanding of different cultures, business and regulatory environments in Africa, Middle East and Asia, the board said.
“He has been involved in the successful implementation of core business IT systems as well as automation of Internal Audit, Risk Management and Compliance Management functions,” Kenya Re noted of the man who has over 17 years of experience in risk management, compliance and auditing.
Kenya Re’s net profit for the period ending December 2022 increased by 15 percent to Kes3.62 billion due to a rise in gross written premiums that went up by 23 percent to Kes24.98 billion while net earned premiums grew by 16 percent to close at Kes22.15 billion.