Kenya Re picks insider to replace Jadiah Mwarania as MDWednesday March 29 2023
The Kenya Reinsurance Corporation (Kenya Re) has picked Dr Hillary Maina Wachinga as its new managing director to replace Jadiah Mwarania, who retired last year.
The appointment of Dr Wachinga, who has been the company’s risk and compliance operations manager, is subject to regulatory approval.
“Dr Wachinga is a multi-skilled strategic thinker with over 17 years of proven work experience in risk management, compliance and auditing – 16 of which have been at management level,” said Kenya Re on Wednesday in a notice.
The certified public accountant also serves as a part-time lecturer at Strathmore Business School. He previously worked as an information systems manager and auditor, an enterprise risk manager and a compliance analyst.
He takes over from Mr Mwarania, who served the corporation for 25 years, including as general manager for reinsurance operations.
He was appointed to the helm of Kenya Re on April 11, 2011, and left in mid-December 2022 on terminal leave.
Michael Mbeshi, the general manager of property and administration, took over in an acting capacity.
During his stint at the firm, Mr Mwarania suffered an ouster in 2018 with the board saying they had a loss of trust and confidence in him. A court order reinstated him in July of the same year, terming his forced exit as unfair termination.
The Nairobi Securities Exchange-listed firm posted a Sh3.6 billion net profit for the year ending December 2022, a 14.6 percent rise compared to the previous year.
Read: Kenya Re records 14.6pc rise in net profit to Sh3.6bn
The firm has three fully owned subsidiaries in Côte d’Ivoire, Zambia and Uganda.
Dr Wachinga holds a doctorate and master's in Business Administration and Computer Science degree from the University of Nairobi.