Sanlam Kenya names general insurance unit boss

Sanlam Kenya #ticker:PAFR has confirmed Caroline Laichena as the substantive chief executive officer of its general insurance subsidiary after a 10-month acting stint from January.

Sanlam Kenya Group chief executive Patrick Tumbo said Ms Laichena’s credentials stood out during a competitive recruitment process conducted to replace George Kuria who quit to pursue other interests.

Ms Laichena is an insurance executive whose career has seen her serve in various positions, including at Jubilee Insurance, Cannon Assurance and Heritage Insurance.

She will be tasked with spearheading ongoing business reforms at a time when Sanlam’s revenues have been flat for years.

The insurer is also recovering from a series of bad investment decisions that led to a Sh1.5 billion net loss last year.

Sanlam in September announced it would lay off tens of its employees, joining a growing list of companies that have turned to job cuts to either protect profit margins or stay afloat.

Sanlam has 193 staff, comprising nine at the group level, 110 in life business and 74 in general business.