Muthaura to head ICEA LION General Insurance - Beaking Kenya News

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Monday, 12 October 2020

Muthaura to head ICEA LION General Insurance


Former Capital Markets chief Paul Muthaura has been appointed a new principal officer at the ICEA LION General Insurance, replacing Steven Oluoch who has retired after 10 years of service.

Until his appointment, Muthaura who exited CMA early this year has been serving as the chief operating officer at the insurance firm.

ICEA LION Group chairman, James Ndegwa revealed that the Insurance Regulatory Authority has already approved Muthaura’s appointment.

He thanked the outgoing chief; saying his vast experience in the sector spanning 35 years has seen him scale heights of leadership.

“We thank Oluoch for the loyal and committed service he has provided to our Group and the Insurance sector in Africa and take this opportunity to wish him well as he embarks on this new chapter in his life,’’ Ndegwa said.

He added the exiting officer oversaw the growth of the Gross Premium book, which expanded from Sh4.9 billion in 2012 to Sh6.2 billion in 2019 this cumulatively amounting to Sh48.74 billion during that period.

Total Assets strengthened from Sh9.9 billion in 2012 to Sh13.7 billion in 2019 and Shareholder Funds grew from Sh2.75 billion to Sh5.13 billion in 2019.

“I am delighted to leave ICEA LION as one of the leading underwriters in the region. I am certain that the journey I began 10 years ago to lead our team to achieve sustainable profitability, ensuring both company and market share growth through keenly focusing on our customers’ diverse and dynamic needs will continue.” Oluoch said.

He added that he has full confidence in his successor; saying that he hopes the committed, technically astute and customer-oriented team will help him grow the firm from strength to strength.

Muthaura has close to two decades of experience and joined the insurer after serving in various roles and eventually as the CEO of the CMA where he worked for 14 years.

He has has a legal background with a Masters of Law degree (Banking & Finance), a Masters degree in Philosophy, and also holds a Post Graduate Diploma in Financial Management.

He is an Advocate of the High Court of Kenya, an Honorary Fellow of the Institute of Certified Secretaries and a Certified Executive Coach by the Academy of Executive Coaching.

ICEA Group has four subsidiaries, including ICEA LION Life Assurance, the largest guaranteed fund manager in Kenya with current total funds under management in excess of Sh55 billion. Its asset base and total life fund are in excess of Sh90 billion and Sh88 billion respectively as of December 2019.

Others are ICEA LION Asset Management which holds  Sh200 billion in assets under management. 

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