AIG Kenya Insurance has appointed Catherine Igathe as new managing director, confirming her to the post she has been holding in an acting capacity.
She replaces insurance industry veteran Japh Olende who had served as the AIG head for 19 years prior to leaving the firm in December 2015.
Mrs Igathe, wife of Vivo Energy Kenya managing director Polycarp Igathe, has over 20 years’ experience in the insurance industry, and was prior to her latest appointment serving as the AIG Kenya interim managing director and general manager in charge of distribution.
She comes to the helm of AIG’s Kenya unit at a time when the insurance sector is bracing for steeper capital requirements under the risk-based capital model.
This is likely to see some takeovers and mergers in the industry among those failing to meet the requirements.
AIG Kenya is a majority-owned subsidiary of AIG Inc of the US, while Commercial Bank of Africa holds a minority stake in the insurance firm.
AIG had between 2008 and 2012 changed its brand name to Chartis, adopting the new identity during the height of the 2008 global financial crisis.
The firm started its operations in Kenya in 1972, when it traded using the name Alico Insurance.