Catherine Igathe appointed AIG Kenya Insurance Managing Director
AIG Kenya Insurance has named Catherine Igathe as its new managing director who earlier served the same docket in an acting capacity since 2015.
She takes over from Japh Olende, a seasoned insurance practitioner who has been at the helm of AIG for 19 years before leaving in December 2015.
Catherine has rich background in the insurance sector that spans over 20 years and was at one time the general manager in charge of distribution.
She takes over the mantle at a time when the sector is preparing for steeper capital requirements under the risk-based capital model. This will inform mergers and take overs in the industry especially among those players that might not keep up with the requirements.
AIG Kenya is a majority-owned subsidiary of AIG Inc of the US, while Commercial Bank of Africa holds a minority stake in the insurance firm.
AIG had between 2008 and 2012 changed its brand name to Chartis, adopting the new identity during the height of the 2008 global financial crisis.
The firm started its operations in Kenya in 1972, when it traded using the name Alico Insurance.