CIC Group appoints Fred Ruoro as new managing director for its general insurance unit

KENYA – The board of CIC Insurance group Plc has announced the appointment of Mr. Fred Ruoro as the managing director of CIC General Insurance Limited effective from January 4, 2021. Fred holds a bachelor’s degree in Mathematics and Physics from the University of Nairobi. In addition, he is a senior Certified Insurance Professional from the Australian and New Zealand Institute of Insurance and Finance and is a fellow of the Life Management Institute. Fred also holds a Diploma in management accounting from the Chartered Institute of Management Accountants (CIMA).…

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CIC Insurance group records a US$3.1m loss in half year of 2020

KENYA – CIC Insurance Group, which specializes in the provision of insurance services to the co-operatives sector, has made a KSh335.5 million (US$3.1m) net loss in the half year ended June, reversing a net profit of KSh20.9 million the year before. This came as investment income fell 25.9 percent to KSh1.2 billion (US$11.08m) in a period when the Covid-19 pandemic pulled down share prices on the Nairobi Securities Exchange and returns on fixed income investments like bank deposits and T-bills. The insurers’ bottom-line was also hurt by a 7.6 percent…

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