Kenya Re #ticker:KNRE has announced the exit of managing director Jadiah Mwarania in unclear circumstances, bringing and end to his seven-year stint in charge of the reinsurer.
His exit was announced through a Nairobi Securities Exchange (NSE) #ticker:NSE notice which indicated that Michael Mbeshi, the reinsurer's property management general manager, will take over as acting MD.
Mr Mwarania was appointed to the helm on April 11, 2011 but has served for the corporation for over 20 years including as general manager for reinsurance operations.
“This is to notify you that Mr Jadiah Murungi Mwarania, who has been the managing director of the corporation, has separated from the company with immediate effect,” David Kemei, Kenya Re’s chairman, said in the notice Monday.
The reinsurer, which offers covers to over 150 firms across the region, reported a net profit of Sh1.6 billion for the period to June 2017 compared to Sh1.56 billion the previous year.
Its gross written premiums went up to Sh7.5 billion, slightly higher than the Sh7.09 billion reported in 2016.
Its earnings from investments also grew marginally to hit Sh3.6 billion this year compared to Sh3.55 billion in the previous period.
Kenya Re, which is yet to release its 2017 results, attributed its half-year performance to stiff competition in the sector and undercutting in the reinsurance market.