CIC taps Co-op Bank strategy director for CEO role

CIC Insurance Group #ticker:CIC has picked Co-operative Bank #ticker:COOP group finance and strategy director Patrick Nyaga as the new CEO effective June 22, 2020.

Mr Nyaga replaces Tom Gitogo who quit his position on October 9 last year, prompting the board to pick Elijah Wachira to hold the position in an acting capacity.

The new CEO is not entirely new at CIC since he has been serving as a member of CIC board of directors since June 2011. Insurance Regulatory Authority has already cleared him for the role.

“He has key strengths that well position him to drive CIC Group business at this critical position, which include great links and experience with cooperative movement who are CIC’s core and primary market segment as well as core shareholder base,” said chairman Japheth Magomere.

Mr Nyaga has over 28 years of experience having worked in various organisations for over 28 years in Kenya and the region.

He had served Co-op Bank for nearly 16 years as the chief finance officer. He had also served the same bank as chief manager of finance for about five years.

Other organisations where he has worked include Delmonte Kenya, KMG Kenya, KPMG Rwanda and Absa Kenya.

Among the immediate performance drivers that he is expected to embark on include operational efficiency to achieve cost saving, sales force efficiencies, performance based reward structures, data analytics and digitization of business.

“His track record as a champion for strategy, broad experience in operational efficiency and diverse leadership experience will be of great benefit to CIC,” said Mr Magomere.

Mr Nyaga holds an MBA from Strathmore Business School, a Bachelor of Commerce degree in Accounting and is a Certified Public Accountant (K).

CIC posted 33.1 percent decline in net profit to Sh321.6 million for the year ending December 2019 on account of increased claims.

This was three-year low earnings for the Nairobi Securities Exchange-listed insurer that had posted a profit of Sh480.94 million in 2018.

The board last year listed improved customer experience, reliable and user friendly systems and prudent cost management through innovation and continuous improvement as the group’s key areas of focus.