NAIROBI, AUGUST 6, 2018 ― Sanlam Kenya has named former Jubilee Insurance (Kenya) boss Patrick Tumbo as its new Group Chief Executive Officer, substantially filling the seat five months after the departure of Mugo Kibati.
The Nairobi Securities Exchange listed non-bank financial services firm said on Monday the appointment of Mr. Tumbo takes effect immediately.
He takes over from former Group CEO Kibati who left the company on March 1, “to pursue other interests.”
George Kuria, Sanlam General Insurance Chief Executive Officer has been the acting GCEO for the past six months.
Mr. Tumbo joins Sanlam Kenya from Jubilee Insurance, where he was the CEO, Kenya.He resigned in mid-June this year after serving the underwriter for about 10 years.
During his stint, he also served the Jubilee Group technical head on insurance and reinsurance and in the Group’s Subsidiary boards.
He was credited with growing the Jubilee Kenya business from Ksh4 billion (US$39.8 million) to Ksh24 billion (US$238.9 million) during his tenure.
He was also instrumental in driving business growth through technology adoption and widening the client base by venturing into new untapped markets in the East African region.
Announcing the appointment, Sanlam board chairman Dr. John Simba said Tumbo will be assuming overall leadership for Sanlam Kenya PLC and the respective group subsidiary business companies.
“In Mr. Tumbo, we have secured a seasoned business leader who we also believe is the right fit to steer the Sanlam Group to new heights. This is part of our corporate strategy to position the group as a formidable non-bank financial services player in Kenya,” said Dr Simba.
On his part, Mr. Tumbo said:“Sanlam has carved a niche for itself as a non-banking financial services group with a vision and strategic imperatives that are pushing the brand into a new growth plane. I am happy to join at this point in time and contribute to the growth of the business.”
Dr. Simba said the board had noted with satisfaction that Mr Kuria had provided immense and invaluable leadership in the last six months, with the business maintaining much needed operating and business development stability.
“I enjoyed working closely with Mr. Kuria and his management team and I have no doubt that we have a world-class team, passionate enough to deliver against the business goals,” said Simba.
Tumbo was named Africa’s Insurance CEO of the year by Africa Insurance Organisation (AIO) in 2015.
He started his career as a Management Trainee at Alico Kenya (now AIG Kenya) in the early nineties and went to serve in different positions at Co-operative Insurance Company, PTA Reinsurance (ZEP-Re) and then up to CEO at Jubilee Insurance Company of Kenya Ltd.
“He brings to the Sanlam Group a rare set of sector acumen, business development and corporate restructuring skills having previously served at AIG Kenya, PTA Reinsurance (ZEP-Re) and CIC insurance,” said Dr Simba.
Mr Tumbo has more than two decades’ experience in the insurance industry.
He is expected to continue the implementation of Sanlam’s five-year strategic plan and the groups’ growth strategy.
READ:Sanlam to ride on low insurance penetration for growth
Sanlam Kenya, formerly Pan Africa Insurance Holdings is a Kenyan incorporated diversified financial services group providing a comprehensive suite of financial solutions tailored to meet the distinctive Kenyan market needs.
Through its subsidiaries Sanlam Life Insurance Limited, Sanlam Investments Limited, Sanlam General Insurance Limited and Sanlam Securities Limited, Sanlam Kenya boasts of being well positioned to meet unique client needs in the Asset Management, General and Life Insurance space.
Sanlam Kenya currently features a branch network of 24 client experience centres across Kenya’s major towns. The firm enjoys an estimated market share of eight per cent in the Kenyan life insurance industry, serving over 99,401 policyholders under individual life and more than 236,507 under group life.
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