Jubilee to announce new chief executives for its new subsidiariesFebruary 7, 2020
NAIROBI, Kenya, Feb 7 – Jubilee Holdings will announce the new leadership for its recently split businesses next week, the company’s Chief executive has said.
Julius Kipng’etich says the company has already identified the best candidates for the positions but is waiting for an approval from the Insurance Regulatory Authority.
“We have identified the individuals who are going to head the various companies, the application is now with the regulator and we hope for some good news come next week,” said Kipng’etich.
Jubilee Holdings was given a go ahead by the insurance watchdog in December 2019 to break up its Sh31 billion revenue business saying it would increase efficiency.
Kipng’etich added that the splitting the businesses will help the company focus on long-term products including life and pensions.
The breakup has left the company with three subsidiaries: Jubilee Insurance holdings which will operate the individual and group life insurance, pension and annuity businesses and Jubilee Health Insurance Limited and Jubilee General Insurance Limited.
“We are amongst the last companies to do the split and the purpose is to make sure insurance companies do not mix two products which are very distinct,” Kipng’etich, who has been at the helm of the business since 2018, said.
The separation of the units saw the company lay off 52 employees which the firm said that the decision has been reached after an independent human resources consultant conducted a detailed staff talent mapping and organizational structure to suit the new arrangement.