NAIROBI, MAR 12 — Kenya Reinsurance Corporation Limited (Kenya Re) managing director Jadiah Murungi Mwarania has left the company.
The re-insurer announced Mwarania’s exit on Monday in a letter to the Nairobi Securities Exchange Chief Executive, but failed to give an explanation to his exit.
“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,” Chairman David Kemei said in the letter.
The re-insurer, which offers covers to over 150 firms across Africa, has since appointed property management general manager Michael Mbeshi to act.
“Michael Mbeshi has been appointed to the position of managing director in an acting capacity with emmediate effect. The details of the acting managing director will be submitted to you shortly,” Kemei said in the letter.
Mwarania’s exit ends his seven-year stint at the helm of the insurer which he has served for over 20 years. He was appointed managing director on April 11, 2011.
Kenya Re reported a net profit of Sh1.6 billion for the period ending June 30, 2017. This was up from Sh1.56 billion recorded the previous year.
The re-insurer’s gross written premiums closed at Sh7.5 billion up from Sh7.09 billion reported in 2016.
The company is yet to release its full year results.