Gideon Muriuki, the Chief Executive Officer of Co-operative Bank of Kenya, has strengthened his investment in CIC Insurance Group by acquiring an additional 20.1 million shares over the past year.

This move cements his position as the largest individual investor in the insurer.

The latest annual report from CIC Insurance Group reveals that Muriuki's total shareholding rose to 158 million shares from 137.8 million in the preceding year.

The newly acquired shares are valued at approximately Sh45 million based on current market prices, increasing his stake in the company from 5.3 per cent to 6 per cent.

This increase in shareholding comes as CIC Insurance Group continues to show improved performance under the leadership of its current CEO, Patrick Nyaga.

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Nyaga, who was previously the finance and strategy director at Co-op Bank, has been instrumental in steering the insurer towards greater success.

Other prominent investors have also increased their holdings in CIC.

Nelson Kuria, the chairman of CIC and its former chief executive, expanded his shareholding to 16.2 million shares from 15.7 million. Despite this increase, Kuria’s stake remains constant at 0.6 per cent.

Similarly, Welton Weda boosted her investment by acquiring an additional 2.25 million shares, bringing her total to 26.8 million shares, equating to a one per cent stake.

This marks an increase from her previous holdings of 24.5 million shares, or 0.9 percent.

Patrick Nyaga, who has played a pivotal role in the insurer's recent achievements, continues to hold 12.8 million shares, maintaining a 0.5 per cent stake in CIC.

The strategic share acquisitions by key figures like Muriuki, Kuria, and Weda highlight a strong vote of confidence in the future prospects of CIC Insurance Group.

Their continued investment underscores the positive outlook for the insurer, bolstered by its improved performance and strategic leadership.