Kenya Reinsurance Corporation Limited has suspended its Managing Director, Dr Hillary Wachinga, for 22 days Wednesday, and appointed Nicodemus Gekone to steer the company in an acting capacity during the period.

The board explained that the decision followed a preliminary review of internal matters which remains ongoing.

“In accordance with the Capital Markets Act and its Regulations, the Board of Directors of Kenya Reinsurance Corporation Limited wishes to announce a change in its executive leadership. Dr. Hillary M. Wachinga, has been suspended from his position as the Managing Director for 22 days with effect from September 3, 2025," the board said.

According to the company, an ongoing preliminary review of internal matters informed the Board's decision. 

The Board also expressed its belief that the action was in the best interests of the Company and its stakeholders to allow for a thorough and impartial assessment.

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To assure shareholders and stakeholders of their commitment to governance and continuity of operations during the period of suspension, the company has placed Nicodemus Gekone, currently the General Manager for Property and Investments, in charge as Acting Managing Director.

“The Board has appointed Nicodemus Gekone, currently the General Manager Property & Investments, to serve as the Acting Managing Director during this period. The Board has full confidence in Gekone's ability to provide steady leadership during this period,” the board said.

Reassuring stakeholders, the directors emphasised their commitment to corporate governance and continuity.

“The Board of Directors reaffirms its unwavering commitment to the highest standards of corporate governance and to 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 board said.

The company further noted that stakeholders would continue to be updated.

“The Board will provide further updates as appropriate. We thank you for your continued trust and support,” the board said.

The temporary leadership shift comes at a time when the corporation has underscored its focus on stability and long-term growth, a message intended to reassure both investors and policyholders that the institution’s operations remain on course.