Kenya Re Extends Suspension of Managing Director Dr. Hillary Wachinga

Kenya Reinsurance Corporation has extended the suspension of Managing Director Dr. Hillary Wachinga for an additional 21 working days effective October 2, 2025.

• •This follows an earlier 21-day suspension that began on September 3, 2025.

• •The board confirmed that Nicodemus Gekone, General Manager for Property and Investments, will continue serving as Acting Managing Director during this period.
• •In its latest statement, the board said the extension was necessary to allow a thorough and impartial assessment of matters under investigation. While the specific issues prompting the inquiry have not been publicly disclosed, market reports have linked the review to alleged governance and operational concerns.

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Market Reaction

Kenya Re, a listed entity on the Nairobi Securities Exchange, emphasized that its operations remain stable and uninterrupted despite the leadership changes. The company said it remains focused on executing its strategic priorities and safeguarding stakeholder interests.

The market responded cautiously to the news, with the company’s stock recording notable volatility. The KNRE share price dropped from a peak of KSh 3.62 on September 3 to KSh 3.00 by September 8, a decline of about 17%, before closing at KSh 3.18 on October 2, 2025.

Dr. Wachinga, who was appointed Managing Director in March 2023, faces heightened scrutiny as shareholders and regulators await the outcome of the ongoing review. Kenya Re has not provided a timeline for a final decision on his status.

Analysts are watching closely for any regulatory updates or board disclosures that could clarify the direction of the governance review. The extension underscores the board’s approach of handling the matter within its fiduciary obligations under the Capital Markets Act.