Nicholas Lutakome, the former CEO of Sanlam Uganda, has been named the New Chief Executive of CIC Insurance Uganda Limited.
Mr. Lutakome was selected to succeed Mr Richard Ssevume who stepped down in November last year to join Mayfair Insurance.
Kenyan giant CIC Insurance has not had stable leadership for its Ugandan subsidiary for over 6 years, and according to our source, who preferred anonymity, the choice of Mr. Lutakome comes from the fact that he has experience working within a multinational environment for over 10 years at the top level.
Mr. Lutakome’s first task at CIC will be to turn around their core business which is the cooperative movement that controls a significant portion of the economy and since inception, CIC has struggled to replicate the parent’s company success in Kenya in the same market segment.
According to preliminary results from the Insurance Regulatory Authority, CIC General Insurance posted a 14% growth in 2023 under Gross Written Premium and are yet to register an underwriting profit since inception with a market share of under 4%.
A seasoned insurer, Mr. Lutakome brings to CIC his over 15 years of experience in insurance as one of the homegrown talents in the insurance sector.