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PATRICK NYAGA
CEO, CIC INSURANCE GROUP
At the helm of CIC Insurance Group stands the accomplished Chief Executive Officer (CEO) Patrick Nyaga. Following a journey marked by dedication, leadership, and unwavering commitment, Nyaga has carved his name as a transformative force in the realm of insurance.
Born September 9, 1967, Nyaga pursued a Bachelor of Commerce (BCom) degree with a specialisation in Accounting from the University of Nairobi (UoN). His desire for knowledge and continuous growth then led him to obtain a Masters of Business Administration (MBA) degree from Strathmore Business School (SBS).
Nyaga embarked on his career as a Management Trainee at Del Monte (K), where he honed his skills in a dynamic corporate environment for two years.
In 1994, he transitioned to Klynveld Peat Marwick Goerdeler (KPMG), one of the esteemed Big 4 accounting firms as an Audit Assistant. Here, Nyaga rose through the ranks eventually becoming Audit Manager in 1999. Venturing beyond borders, he moved to Rwanda in 2000 as KPMG Country Manager in charge of Rwanda, Burundi and Eastern Democratic Republic of Congo (DRC), where he gained valuable insights into financial practices and controls for two years.
After his tenure at KPMG, Nyaga undertook a new chapter with Barclays Bank of Kenya (now Absa Bank Kenya). He assumed the role of Head of Assurance – Kenya, a position that later propelled him to the elevated rank of Head of Assurance – East Africa. Throughout, he demonstrated exceptional skill in deftly managing regional audit operations, significantly sharpening and elevating his leadership acumen.
In 2004, Nyaga began a transformative 16-year journey with the Cooperative Bank of Kenya (Co-op Bank). He commenced his journey in October 2004 as Chief Manager of Finance and Planning, where he took charge of the Asset and Liability Committee (ALCO) and supervised units encompassing Management Accounting, Financial Accounting, Reconciliations, and Corporate Planning. Nyaga played a pivotal role in crafting strategy and reporting papers for Board discussions, chairing the Summit Committee to align annual plans with the bank’s 5-year Corporate Strategic Plan. From August 2009 to July 2014, he held the position of Director of Finance and Administration, overseeing diverse departments and presenting financial matters to the Board. In his subsequent role as Director of Finance and Strategy from August 2014 to June 2020, Nyaga’s leadership continued to shape the bank’s financial trajectory.
In his capacity as CEO of CIC Insurance Group, Nyaga is masterfully orchestrating remarkable transformations. His adept leadership spans across Kenya, Uganda, Malawi, and South Sudan, where he is propelling the company to unprecedented heights. His strategic acumen shines through, solidifying CIC’s position as a prominent and influential player in the dynamic insurance industry.
Beyond his professional prowess, Nyaga has excelled on the global stage. His adeptness at securing funding from esteemed investment institutions such as International Finance Corporation (IFC), Deutsche Investitions-und Entwicklungsgesellschaft (DEG) and European Investment Bank (EIB), amounting to over KES 25 Billion, showcases his financial stewardship. His global investor relations expertise is evidenced by presentations made in the United Kingdom (UK), United States (US), and South Africa, further solidifying his influence.
Nyaga is an esteemed member of the Institute of Certified Public Accountants of Kenya (ICPAK), Institute of Directors (IoD) of Kenya, and Institute of Internal Auditors (IIA).
He is fortunate to be surrounded by a loving and devoted family, embodying his roles as a dedicated husband and a caring father to three wonderful children.
For over 50 years, CIC Insurance Group has safeguarded clients’ risks through adaptable insurance and financial services, offering personalised solutions that solidify its role as a trusted provider. ‘We Keep Our Word’ captures this commitment.
Originating within Kenya National Federation of Cooperatives (KNFC) in 1968, CIC has grown into a prominent cooperative enterprise and micro-insurer in Africa. With subsidiaries like CIC General Insurance, CIC Life Assurance, and CIC Asset Management in Kenya, it now extends to South Sudan, Uganda, and Malawi.
As the sole cooperative insurance entity listed on Nairobi Securities Exchange (NSE), CIC serves over a million customers through a network of 25 local branches, over 1,000 financial advisors, and diverse online platforms.
Some of the awards CIC has garnered over the years include Association of Kenya Insurers (AKI) Group Life Company of the Year (2015), Cheki Awards’ Best Motor Insurer (2020), and Decade of Excellence Insurance Kenya 2021 Award. With a legacy of excellence, CIC caters to Cooperatives, Corporates, small and medium enterprises (SMEs), non-governmental organisations (NGOs), Government, and individuals.
