This archive report was first published on 10 October 2019.
On October 9th, 2019, CIC Insurance Group PLC announced the departure of its Group CEO, Tom Gitogo, who had been with the company since 2014. Gitogo opted to step down ahead of the expiry of his 4-year contract, due to end on February 28th, 2020, as stated by Group Chairman Japeth Magomere.
Gitogo, who was 50 years old at the time of his appointment in November 2014, joined the Group as Deputy CEO and later became CEO upon the retirement of Nelson Kuria. He has been replaced by Elijah Wachira in an acting capacity as the company commences the recruitment of a new CEO.
Established in 1968 as a Department of the Kenya National Federation of Cooperatives (KNFC), CIC Insurance Group PLC has since become a leading cooperative enterprise and provider of micro insurance with branches in Uganda, Malawi, and South Sudan. The company celebrated its 50th anniversary in April 2019, following impressive financial performance, with pre-tax profits of Sh 852 million in the year ending December 31st, 2018, representing a 64% increase from Sh 519 million in 2017.
As a leading provider of insurance services to co-operative societies, CIC Insurance Group PLC has a total of 3,878 shareholders, a capital base of Sh 2.1 billion, and 1.3 million clients. The company ranks among the most successful and fastest insurance companies in Kenya, underwriting both life and general classes of insurance, as well as operating an asset management business.
