Kenya Reinsurance Corporation Limited (Kenya Re) has announced the suspension of its Managing Director, Hillary Wachinga, and appointed an acting boss to steer the company.
In a statement on Friday, September 5, the corporation said the move was in line with regulatory requirements under the Capital Markets Act.
"In accordance with the Capital Markets Act and its Regulations, the Board of Directors of Kenya Reinsurance Corporation Limited wishes to announce a change in its executive leadership. Dr. Hillary M. Wachinga, has been suspended from his position as the Managing Director, for 21 days with effect from 3rd September 2025," the statement read.
The board explained that the decision followed a review of internal matters that are still under investigation.
"This decision was made by the Board following a preliminary review of internal matters, which is ongoing. The Board believes that this action is in the best interests of the Company and its stakeholders to allow for a thorough and impartial assessment," the statement added.
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During the suspension period, Kenya Re has appointed Nicodemus Gekone, who is currently the General Manager for Property & Investments, to act as Managing Director.
"The Board has appointed Mr. Nicodemus Gekone, currently the General Manager Property & Investments, to serve as the Acting Managing Director during this period. The Board has full confidence in Mr. Gekone's ability to provide steady leadership during this period," the statement further read.
The corporation reassured stakeholders that business operations remain unaffected and emphasized its commitment to corporate governance.
"The Board of Directors reaffirms its unwavering commitment to the highest standards of corporate governance and to protecting the interests of all its shareholders and stakeholders.
"We remain focused on executing our long-term strategy and assure our stakeholders that our foundations remain strong and our business operations continue uninterrupted," the statement concluded.
Wachinga was appointed as the Managing Director of Kenya Re in late March 2023, succeeding long-serving boss Jadiah Mwarania.
Wachinga’s career began at Deloitte, where he worked as an external auditor.
He later moved into the banking sector, serving in various positions including internal audit manager, risk manager, and deputy head of special projects.
In August 2012, Wachinga joined Kenya Re, serving as Head of Audit and Risk and later as Risk and Compliance Manager.
Academically, he holds a Doctorate in Business Administration specializing in Strategic Information Systems, a Master of Business Administration in Information Systems, and a Bachelor of Science in Computer Science, all from the University of Nairobi.
He also boasts a wide array of professional certifications, including Certified Public Accountant of Kenya (CPA-K), Certified Information Systems Manager (CISM), Certified in Risk and Information Systems Control (CRISC), Certified Information Systems Auditor (CISA), Certified Enterprise Risk Manager (CERM), and Certified Compliance Analyst (CCA).
Additionally, he holds a Certificate of Proficiency in Insurance from the College of Insurance, alongside training in project management from Strathmore University and corporate governance from the Centre of Corporate Governance.
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