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Mr Kibati is a former CEO of NSE-listed East African Cables, which he headed for four years until his exit in June 2008. A year later he was appointed the director-general of Vision 2030, a post he held until October 2013.

He subsequently took up several appointments as a non-executive director including at I&M Bank and Lake Turkana Wind Power Project, where he is the chairman.

“The board of directors is pleased to announce the appointment of Mr Mugo Kibati as the new group CEO,” Pan Africa said in a statement. His appointment to the helm of the financial services group has thrust him back to an active role in the dynamic and competitive private sector.

The insurance sector has in recent years recorded a wave of mergers, acquisitions and executive changes as it sought to re-align with regulatory changes that include new minimum capital requirements and shareholding thresholds.

“This appointment has been made after a rigorous recruitment exercise that sought to identify a leader to provide the necessary impetus to continue our growth and diversification.”

Mr Kibati replaces Mr Tom Gitogo who resigned from the company in September and took up an appointment as deputy group CEO at CIC Insurance.

Mr Gitogo was recently named the substantive chief executive of CIC Group following the retirement of Mr Nelson Kuria.