Kenya Re extends MD's suspension

Suspended Kenya Reinsurance Corporation Group MD Dr Hillary Wachinga. [File, Standard]

Kenya Reinsurance Corporation has announced the extension of Managing Director Dr Hillary Wachinga's suspension for an additional 21 working days, effective from Thursday. 

In a public notice issued on Friday, the state-owned reinsurer said the decision was made "in accordance with the Capital Markets Act and its Regulations." 

"The board of directors of Kenya Reinsurance Corporation Ltd wishes to inform the public that it has extended the suspension of the Managing Director, Dr Hillary Wachinga, for 21 working days from October 2, 2025," the statement read. 

Nicodemus Gekone, the General Manager for Property and Investments, will continue serving as Acting Managing Director during this period, maintaining leadership continuity at the corporation. 

The board sought to reassure stakeholders, emphasising its "unwavering commitment to the highest standards of corporate governance" and its focus on "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 added. 

The announcement comes as the corporation continues its internal processes, though specific details regarding the reason for the extended suspension were not disclosed in the public notice. 

Kenya Re, as the company is commonly known, provides reinsurance services across Africa and the Middle East, playing a significant role in the region's insurance landscape. 

The notice was signed by Company Secretary Charles Kariuki.