Companies

Britam names new chair after CEO exit

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Newly appointed Britam Holdings chairman Kuria Muchiru. FILE PHOTO | NMG

Insurance Group Britam Holdings  #ticker:BRIT has appointed former PricewaterhouseCoopers (PwC) head Kuria Muchiru as chairman, replacing Mohamed Said Karama who has been acting since February.

This comes amid a raft of changes announced at the firm including last month's resignation of Britam CEO Tavaziva Madzinga who is leaving for South African insurer Santam.

Mr Madzinga and Mr Karama were appointed to the top leadership of the firm in February and have served for less than a year.

The two instituted one of the most radical shake-ups at Britam in recent times eliminating nine top executive positions or nearly half of its management team.

The insurer now has a team of 11 managers from the previous 19 with having scrapped several positions including the principal executive director, chief of staff, group chief operating officer, actuary and product development manager, commercial director, and Britam asset management unit.

“Mr Muchiru brings with him tremendous board-level experience and a deep understanding of the financial sector. We look forward to working closely with him in our leadership team to support further development of our business,” Mr Karama.

Britam group posted a Sh376.3 million net profit in six months to June 2021.

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