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Companies

Britam General Insurance chief executive quits

Outgoing Britam General Insurance Company Chief Executive Officer Margaret Kathanga
Outgoing Britam General Insurance Company Chief Executive Officer Margaret Kathanga. FILE PHOTO | NMG 

Britam General Insurance chief executive and principal officer Margaret Kathanga has quit, bringing to an end her 13- year service at the company.

The firm said she had exited to pursue “personal interests”. In her place, the group has settled on Jackson Theuri, the current chief operating officer of the general insurance business in Kenya, to serve in acting capacity.

“Margaret has been with the company for the last 13 years and during that period has made significant contribution to the growth of the general insurance business of the group,” said group managing director Benson Wairegi.

“I would like to thank her for the contribution and leadership during her tenure. On behalf of Britam management, staff and the board of directors I would like to wish Margaret success in her future endeavour.”

Ms Kathanga becomes the second high ranking figure in insurance industry to exit in under two weeks. Last week saw the exit of CIC Insurance Group CEO Tom Gitogo before the expiry of his contract.

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Her exit comes at a time the business, wholly owned by Britam Holdings Limited, posted a net loss of Sh52 million last year compared to profit of Sh469.6 million in 2017.

Britam General had a market share of 6.39 per cent at the end of June 2019, data from Insurance Regulatory Authority shows. It trails Jubilee general (9.76 percent), CIC general (8.26 percent) and APA general and UAP general with a market share of 7.38 per cent and 7.08 per cent respectively.

Last year, Britam Group posted a Sh2.2 billion net loss following a Sh3.2 billion hit on its equity investment in mortgage lender Housing Finance group where it has a 48.2 percent stake. However, the half year performance for 2019 reflected a major recovery.

It posted a 71 percent jump in net profit to Sh1.7 billion for the first six months of the current financial year.

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