In its latest management shake-up, insurance group Britam Holdings announced the expected departure of its managing director, Tavaziva Madzinga, after only 10 months in office.

Mr. Madzinga will leave Britam in April 2022, providing the corporation plenty of time to select a replacement.

The insurance has also announced the appointment of Charles Njuguna as deputy managing director, indicating that the corporation is prepared for internal succession.

Mr. Njuguna, who is currently the finance director, will remain in that position under the new organization.

Diane Korir has been named director of customer experience, and Catherine Karita has been named director of strategy and investor relations.

After the firm dismissed nearly half of its management team in March as the new CEO shook up the upper decks of the Nairobi bourse-listed corporation, this is shaping up to be the greatest executive shake-up in corporate Kenya.


Mr Madzinga, who took over from long-serving Benson Wairegi in February, says he’ll be chasing a new market opportunity, and the company wanted to signify a peaceful transfer as it goes to the next level.

Mr. Wairegi had worked for the company for more than four decades.

“As part of my succession planning, I’ll be pursuing an opportunity in a different market.” We intended to send a strong signal to the market by choosing Charles as the next deputy managing director as soon as possible to ensure a smooth transition,” Mr Madzinga said.

The expected departure comes after the actuarial scientist restructured Britam operations, consolidating jobs and reviewing contracts, which resulted in the departure of most middle and top-level managers.

Britam claims that through the voluntary early retirement (VER) program, his turnaround strategy has saved the corporation Sh500 million in annual expenses.

Mr Madzinga, who took over from long-serving Benson Wairegi in February, says he’ll be chasing a new market opportunity, and the company wanted to signify a peaceful transfer as it goes to the next level.

Mr. Wairegi had worked for the company for more than four decades.

Mr Madzinga expressed satisfaction with his accomplishments at Britam, stating that he rebuilt the company to be more customer-focused, developed a solid management team, and enhanced the performance of the foreign business, resulting in the insurer’s return to profitability.

Britam Group made a Sh376.3 million net profit in the six months to June 2021, reversing a Sh1.63 billion net loss in the same period the previous year.

It is recovering from a record Sh9.11 billion financial deficit in the full year ending December 2020, and expects to keep improving in the second half of the year.

Mr Madzinga, who took over from long-serving Benson Wairegi in February, says he’ll be chasing a new market opportunity, and the company wanted to signify a peaceful transfer as it goes to the next level.

The insurer’s profitability was boosted by its regional general insurance business, which saw an increase in gross earned premiums, with payments made outside of Kenya accounting for 24% of total premiums.

Kenya, Uganda, Rwanda, Tanzania, South Sudan, Mozambique, and Malawi are among the countries where Britam operates.

“In repositioning the Group for the future, we are grateful to have benefited from Mr Madzinga’s global experience.” “He has refocused the Group’s efforts on offering a genuinely spectacular customer experience while servicing our customers with empathy and care,” said acting Britam chairman Mohamed Said Karama.


Mr Madzinga, who previously led Old Mutual’s Kenya operations, implemented one of the most drastic reorganizations in recent memory at Britam, abolishing nearly nine key executive roles.

After eliminating the jobs of primary executive director, head of staff, group chief operating officer, actuary and product development manager, commercial director, and Britam asset management unit, the insurance currently has a team of 11 managers, down from 19 previously.

Britam also gave an early retirement incentive to 138 employees, or 10 to 15% of the company’s entire employment, which was 923 in December 2019.

The process, according to the company, reduced overlapping roles, eliminated duplications across the organization, and re-evaluated contractual arrangements with value chain partners like vendors and other service providers.

Britam’s corporate restructure appears to be one of the most substantial in recent years, following KCB Group’s largest restructure, which resulted in the elimination of 15 executive director positions.


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