Kenya Re Insurance Corporation Limited has announced that Mr Jadiah Murungi Mwarania, who was the Managing Director, has exited the company with immediate effect. The vacant position is now being held by Mr Michael Mbeshi, the property management general manager, in acting capacity with immediate effect.
Mr Mwarania was the MD of Kenya Re for 7 years and he had worked for the corporation for more than 20 years. Kenya Re has not explained the exit of Mr Mwarania.
In interview with the Business Daily, Mr Mwarania said “he was shocked at his sacking, adding that he had not received any explanation from the board on the matter.”
“I reported to work as usual and was told to leave by the chairman of the board. I am shocked. I have not been formally served with a termination letter or told why I have been asked to leave.”
The reinsurer serves more than 150 firms and it recorded Sh1.6 billion in net profit for the FY17 half-year compared to Sh1.56 billion in 2016. Additionally, its investment earnings surged to Sh3.6 billion this year in contrast to Sh3.55 billion in previous period. Its gross written premiums increased to Sh7.5 billion than the Sh7.09 billion recorded in 2016.