NAIROBI, Nov 26 (Reuters) – Kenyan insurance firm Britam Holdings BRIT.NR said on Friday that CEO Tavaziva Madzinga would leave in April next year, adding that finance director Charles Njuguna had been appointed as deputy chief executive to facilitate a transition.
The insurance group did not say whether Njuguna would succeed Madzinga, a former Old Mutual OMUJ.J executive who was hired by Britam at the end of 2020 to oversee a re-organisation.
Britam was forced into the overhaul after it sank to a pretax loss of 9.7 billion shillings for 2020, from a profit of 4.6 billion shillings the previous year. The loss coincided with the departure of long-serving CEO Benson Wairegi.
Under the restructuring announced in March, several senior executive posts were scrapped or merged, while an unspecified number of workers were offered opportunities to retire early.
Britam, which also operates in neighbouring markets including Tanzania and Uganda, said in a statement it has saved 500 million shillings ($4.45 million) in its first year.
With a 23% share of the life insurance market in Kenya, Britam swung back to profit in the first half of 2021 as it insured more people and businesses.
Global insurers, including Prudential PRU.L, have been starting operations in Kenya in recent years, attracted by low penetration rates especially in life insurance.
($1 = 112.3500 Kenyan shillings)
(Reporting by Duncan Miriri; Editing by Alexander Smith)
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