Mugo Kibati Becomes New CEO of Pan Africa Holdings

Mugo Kibati, Chairman of Lake Turkana Wind Power Ltd, has been appointed Chief Executive of Pan Africa Insurance Holdings

Former Vision 2030 director Mugo Kibati has been appointed Group Chief Executive Officer of Pan Africa Insurance Holdings Ltd. 

The position is new to the company which has a life assurance business, general insurance arm - Pan Africa Securities and an asset management subsidiary. 

Pan Africa also confirmed Stephen Kamanda as the Chief Executive of its assurance business.

The company has been searching for a Chief Executive after Tom Gitogo resigned to join CIC Insurance in September last year. 

Mr Kibati previously served as managing director of East African Cables before he was appointed by the government to head the Vision 2030 secretariat. He holds a degree in electrical engineering, a masters degree in international business and a masters degree in technology and policy. 

Last week Pan Africa announced issued a profit warning which has seen its share price at the Nairobi Securities Exchange drop by 9.3 percent in the last five trading sessions. 

The insurer attributed the drop in profits to lower gains in the equities market compared to 2013 and reduced deals in the property market.

 

Source: Business Daily Africa