ICEA Lion General Insurance has appointed former Capital Markets Authority (CMA) boss Paul Muthaura as the chief operating officer, marking his return to private sector after 15 years.
The insurer said on Friday Mr Muthaura will start serving in the newly created position on May 1, with the board saying the position was created in order to strengthen the leadership structure.
Mr Muthaura, who left CMA on December last year, will be reporting directly to the CEO of ICEA. He has more than 18 years of experience as corporate leader in the financial and legal sectors.
ICEA Lion General Company CEO Steve Oluoch said Insurance Regulatory Authority (IRA) has already cleared Mr Muthaura for the new role.
“With his track record as a champion for fintech adoption, his very broad exposure, rich career and diverse leadership experience, Paul will be of great benefit to the company and indeed to the ICEA Lion Group,” said Mr Oluoch.
The appointment marks his first full return to the private sector since 2005. Mr Muthaura served as senior corporate associate at law firm CMS Daly Inamdar Advocates between 2001 and 2005, prior to crossing to the public sector through CMA.
Mr Muthaura joined CMA as senior legal officer for regulatory framework in September 2005 and rose through the ranks to become the CEO from July 2012 until his exit last year.
During his 14-year stint at CMA, the organisation wad ranked as the most innovative capital markets regulator in Africa for five years in a row.
He holds a master’s in Law (Banking and Finance) and a master’s in philosophy.
Mr Muthaura is a member of Chartered Insurance Institute UK and served as board member of IRA and Retirement Benefits Authority.
He now joins the insurance industry that is battling fraud, price undercutting and high claims ratio.
ICEA Lion General Insurance made an underwriting profit of Sh283.4 million last year despite classes such as medical, personal accident and motor private posting losses.