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Corporate

Kenya Re picks advisory firm boss as new chairman

Kenya Reinsurance Corporation has appointed the chief executive of a training and advisory financial services firm as its new chairman.

The majority State-owned corporation which is also listed on the Nairobi Securities Exchange has appointed David Kibet, the head of Nairobi-based DGMB Financial Services to chair its board.

Mr Kibet has been a non-executive director of Kenya Re since June 2014.

“The board of directors of Kenya Re is pleased to inform you that David Kibet was on July 3 elected by directors as the chairman of the corporation’s board,” Kenya Re said in a notice to the NSE.

Nelius Wanjiru Kariuki, who has chaired the Kenya Re board since 2007, retired last week.

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She oversaw the public listing of the reinsurance corporation in 2007.

During her tenure, Kenya Re’s net profit increased from Sh838 million when she took over to Sh3.1 billion last year.

DGMB Financial Services, the advisory firm that Mr Kibet heads, does consultancy work in accounting, taxation and strategic corporate financial management, according to its website.

The company’s training package includes courses on cashflow and working capital management, credit control and best practices in corporate governance.

He has also worked at the Nation Media Group (publisher of this newspaper), Windsor Golf Hotels and Country Club and the Energy Regulatory Commission.

“He has over 25 years of experience in management and financial consultancy and he has been a member of the corporation’s board for one year,” the reinsurer said in a statement.

Kenya Re, which is owned 60 per cent by government, registered a 12.4 per cent net profit growth last year on the back of increased net premiums and higher investment income.

Kenya Re’s net written premiums stood at Sh10.3 billion, representing a growth of 20 per cent from the previous year’s Sh8.58 billion.

Total assets of the corporation grew by 16.5 per cent to Sh32.3 billion, thanks to increased investment in property that rose by over Sh700 million to Sh7.2 billion in 2014 compared to the previous year.

The new chairman will now be expected to champion Kenya Re’s ongoing diversifying which has seen it open offices across the continent and also acquire stakes in other companies.

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