The Board of CIC Insurance Group PLC has announced the departure of Mr. Tom Gitogo as Group CEO, effective October, 9th, 2019. He has been replaced by Elijah Wachira in an acting capacity as recruitment of a new CEO commences. Wachira has been the Managing Director, CIC General Insurance Limited
Gitogo has been with CIC Insurance Group Plc since 2014 and opted to step down ahead of the expiry of his 4-year contract, due to end on 28th February 2020, said a statement by the Group Chairman Japeth Magomere.
In November 2014, 50 year old Gitogo joined the Group as Deputy CEO. He became CEO upon the retirement of Nelson Kuria.
The Group comprises three subsidiaries and an associate company namely CIC Life Assurance, CIC General Insurance Limited, CIC Asset Management Limited and Takaful Insurance of Africa Limited, respectively.
Listed at the NSE, CIC Group has 18 branches and a network of over 1,000 agents spread across Kenya.
In April this year, CIC Group celebrated 50 years since its establishment. The Golden Jubilee event followed impressive financial performance. Its pre-tax profits in the year that ended on 31st December 2018 was Sh 852 million, representing a 64 per cent increase from Sh 519 million posted over the same period in 2017.
Established in 1968 as a Department of the Kenya National Federation of Cooperatives (KNFC), CIC has since become a leading cooperative enterprise and provider of micro insurance with branches in Uganda, Malawi and South Sudan.
Latest financial data indicates that CIC Group, a leading provider of insurance services to co-operative societies, has a total of 3,878 shareholders and a capital base of Sh 2.1 billion and 1.3 million clients. The Group ranks among the most successful and fastest insurance companies in Kenya.
The Company underwrites both life and general classes of insurance and also operates an asset management business. As a pioneer in microinsurance, CIC has designed several products suitable for low-income earners, especially in rural areas.
CIC’s spirit of the cooperative movement enables the trickling down of financial services to those on lower incomes.
