Kenya Reinsurance Corporation Limited (Kenya Re) has reinstated Dr. Hillary Maina Wachinga as Managing Director after a 21-day suspension, signaling restored confidence in his leadership and renewed stability at the state-owned reinsurer.

In a public notice dated November 6, 2025, the Board of Directors said it had lifted Dr. Wachinga’s suspension and restored him to his position as the corporation’s Managing Director with immediate effect.

“The Board has lifted the suspension of Dr. Hillary M. Wachinga and restored him to his position as the Managing Director of the Corporation with effect from 6th November 2025,” the announcement stated.

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Board Reaffirms Commitment to Good Governance

The Board emphasized its “unwavering commitment to the highest standards of corporate governance”, assuring shareholders and stakeholders of its dedication to maintaining transparency and institutional integrity.

It further stated that the corporation remains focused on executing its long-term strategy, adding that the company’s business operations continue uninterrupted despite recent leadership adjustments.

“We assure our stakeholders that our foundations remain strong and our business operations continue uninterrupted,” the Board said.

The Board also thanked shareholders for their continued trust and support during the review period.

Business Operations Remain Stable

Reassuring the public and investors, the Board noted that the corporation’s operations had not been disrupted during the leadership transition.

“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 statement read in part.

The Board expressed gratitude to shareholders and clients for their continued confidence, adding, “We thank you for your continued trust and support.”

Earlier Suspension Over Internal Review

Dr. Wachinga’s reinstatement follows a 21-day suspension that began in October 2025, during which the Board said it was reviewing certain “internal matters.”

In a previous announcement, Kenya Re said the suspension was necessary to allow for a “thorough and impartial assessment” of unspecified internal issues.

During the period, Nicodemus Gekone, the firm’s General Manager for Property and Investments, was appointed to serve as Acting Managing Director.

“The Board believes that this action is in the best interests of the Company and its stakeholders,” the earlier statement said.

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Kenya Re’s Market Performance

Kenya Re, which is majority-owned by the government and listed on the Nairobi Securities Exchange (NSE), has had a strong year financially.

Its share price surged by 170%, closing at KSh 3.46 by early November.

The reinsurer’s first-half profits also rose by 50% to KSh 1.58 billion, buoyed by investment gains and easing currency losses, even as insurance revenue weakened.

The company also reported modest growth in both assets and shareholder funds, reinforcing its financial stability amid leadership changes.

About Dr. Hillary Wachinga

Dr. Wachinga, who was appointed Managing Director in 2023, is a career risk management specialist with over 17 years of experience across Africa, the Middle East, and Asia.

He holds a Doctorate in Business Administration from the University of Nairobi and has served in various leadership roles within the corporation, including heading the Risk and Compliance Division before his promotion.

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Kenya Reinsurance Corporation Towers in Nairobi. PHOTO/ Kenya Re X.