Invesco gets new chief executive, board chair

Insurance underwriter Invesco Assurance has appointed a new chief executive and board chair in a renewed bid to improve the company's performance.

Mr Daniel Mugao has been named the principal officer and chief executive, charged with turning around the fortunes of the insurer that has gone through turbulence largely due to fraud in the public service vehicle sector.

He joins Invesco from Pacis Insurance Company where he was a consultant. Invesco has also appointed Stephen Njoka, a seasoned banker as chair of the board of directors.

Mr Njoka is an expert in change and performance management as well as strategic and public sector reforms

 “Our immediate focus will be developing and implementing a turnaround business strategy aimed at drastically reducing the level of fraud in the business while instituting measures that place the customer at the centre of our business,” Mr Mugao said.

Other than the incidences of fraud, the firm has also recently been penalised by the Insurance Regulatory Authority for late payment of claims and failure to submit audited accounts.

Mr Mugao is a seasoned insurance professional with over 29 years’ experience in the sector, more than 10 of which were spent in senior management positions.

His expertise is in business management, sales, underwriting, claims and service processes.

He joins Invesco from Pacis Insurance Company where he was a consultant offering strategic direction and supporting management to grow business.

Previously, Mr Mugao worked as general manager at Britam General Insurance as well as head of business development at Jubilee Insurance.

Mr Njoka holds a BA degree in economics and public administration from Punjabi University in India and a BA in psychology from Collin County Community College in the US.