Kenya Reinsurance Corporation Limited (Kenya Re) has recently announced the suspension of its Managing Director, Hillary Wachinga, and appointed an acting boss to steer the company.
In a statement released on September 5, the corporation noted that 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.
Kenya Re announces suspension of MD. Photo: Courtesy.
The board explained that the decision followed a review of internal matters that are still under investigation.
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.
