AfricInvest East Africa managing director George Odo as over 25 years of experience working in various sectors in East and Southern Africa region.
Confirming his appointment Monday, Mr Odo said that the decision was taken following the move by the Tunis-based firm to buy 360.88 million shares at Sh5.7 billion in the Nairobi Securities Exchange-listed firm.
AfricInvest East Africa managing director George Odo has been appointed Director of Britam Holdings PLC #ticker:BRIT, barely two months after the private equity fund bought a 14.3 per cent stake in the insurer.
Britam company secretary Nancy Kiruki in a statement Monday said Mr Odo’s appointment was effected last Friday.
“The board of directors at Britam Holdings Plc welcomes the appointment of Mr Odo and looks forward to benefiting from his skills, knowledge and experience,” she said in a statement.
Mr Odo, also a senior partner at AfricInvest Group which has over €1 billion (Sh117 billion) of assets under management, has over 25 years of experience working in various sectors in East and Southern Africa region.
Confirming his appointment Monday, Mr Odo said that the decision was taken following the move by the Tunis-based firm to buy 360.88 million shares at Sh5.7 billion in the Nairobi Securities Exchange-listed firm.
“The appointment is in relation to our recent investment. Now that Britam has raised its capital for growth, our expectation is that it has the money required to finance the business strategy,” he told the Business Daily in a phone interview.
He added that Britam’s 2016 to 2020 ‘Going for Gold’ strategy leans on technology which attracted AfricInvest.
Mr Odo said that he sees the insurer intensifying the use of data analytics to inform risk-based rating and pricing of products across the seven markets it serves.
“We are backing the strategy. That is what we bought into and we are here to help them implement it,” he stressed.
In September 2017, the International Finance Corporation also completed the acquisition of 10.37 per cent stake in Britam while Swiss Re is awaiting regulatory approval for a 13.81 per cent stake.
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