Patrick Tumbo resigns as Jubilee Insurance CEO, Kipng’etich to take over reins

Patrick Tumbo
Jubilee Insurance chief executive Patrick Tumbo. FILE PHOTO | NMG 

Jubilee Insurance #ticker:JUB chief executive Patrick Tumbo has resigned after serving the underwriter for 10 years, the board of directors announced on Thursday.

Mr Tumbo will be replaced by Jubilee Holdings regional chief executive Julius Kipng’etich on an interim basis.

“The board expresses its appreciation to him for his service and dedication to the organisation,” said Jubilee Insurance chairman Nizar Juma in a statement.

Mr Juma said Mr Phillip Kimani the chief finance officer - Kenya, will be the principal officer for now.

Mr Tumbo joined the insurer in 2008 as general manager- general insurance business division and was later elevated to the corner office and principal officer.

In 2015, Mr Tumbo was named CEO of the year in Africa during the 42nd Conference and General Assembly of Africa Insurance Organisation (AIO) held in Tunisia.

The organisers of the awards said the winner was selected based on successful product development, excellent service delivery and introducing innovative distribution channels targeting grassroots customers.

Mr Juma also announced that the insurer will split into three separate units - Medical Insurance, Life Insurance and General Insurance before the end of the year, with each having its own CEO.

This is subject to regulatory approval.

Jubilee Holdings, the parent company of Jubilee Insurance also announced Mr Ali Rawji, the group chief finance officer as the new group chief operating officer.

Mr Rawji has more than 30 years of management experience in financial services.