Retirement of the chairman
The Board of Directors of Old Mutual Insurance Rwanda hereby announces the retirement of Mr. Richard Mugisha, as the chairman of the Board and as a director with effect from 20 July 2022
Richard started with Old Mutual Insurance Rwanda Plc (formerly UAP Insurance Rwanda) in August 2012 when a provisional license was granted as one of the initial board directors. From inception of the company, he served as Deputy Chairman of the Board until his election as Chairman of the in July 2015, a position held to date. He has also been the company’s ambassador acting as the contact person for regulatory authorities and company.
He is known has a key contributor to establishment and the enhancement of Old Mutual Insurance Rwanda in Rwanda through creation of a strong linkage between the business community and the company through engagements and partnership to encourage mutual business interest.
He has brought immense value to the company as his extensive knowledge of the financial services industry and leadership have guided the growth of our business in the Rwandan market.
Under his stewardship, the company has solidified its position as the leading insurer in Rwanda and with the rebrand to Old Mutual, it has anchored Rwanda to the wider Old Mutual footprint in the African continent.
Richard has served on the board for a cumulative nine years and his tenure as a director has lapsed in line with the National Bank of Rwanda Corporate Governance Guidelines.
As Richard steps down, he leaves the Company in the strongest possible position to achieve its purpose of transforming lives by delivering enhanced value for customers, shareholders, and the communities we serve.
As we bid him farewell, we express our deepest appreciation for his apt demonstration of outstanding leadership, Pan-Africanism, and the entrepreneurial spirit.
The Board of Directors and Staff wish to record their great appreciation for Mr. Richard Mugisha contribution to leadership of the company during his term.
Election of new board chairman
The Board of Directors is also pleased to announce the election of Mr. John Bosco Birungi as the new Chairman of the Board with effect from 17th August 2022. John was appointed as an independent Non-Executive Director of the Board since 21st November 2017, being the deputy vice-chair and also leading the claims and underwriting Committee.
John is a Partner at SouthBridge Group, a pan-African financial advisory and investment company where he oversees the firm’s business in East, Central and Southern Africa. He is an entrepreneur who founded several businesses including Arrow Capital, Elon Construction, Sino Steel, Votto, and Delta Properties. He also previously served as the Group CEO of Crystal Ventures for 5-years prior to which he worked in investment and commercial banking with Bank of America and Fleet Boston Bank in the USA.
John has extensive governance experience having served as Chairman of KCB Bank Rwanda, and as a non-Executive Director of MTN Rwanda, Rwanda Investment Group, CIMERWA, Mount Meru-Soyco, and Ultimate Concepts.
John is the founder of Vision Youth Group, a sports non-profit organization that runs a professional football club in Rwanda and he is also the President of the Rwanda Table Tennis Federation.
The Board takes this opportunity to congratulate John on his election as the Chairman.