In 1995, CIC Insurance, then known as Co-operative Insurance Services Ltd (CIS), was declared technically insolvent and on the verge of collapse. Patrick Tumbo, who was CIC's head of business development and technical underwriting at the time, sought regulatory intervention to keep the business afloat. He met with officials from the Department of Insurance at the Ministry of Finance, including Sammy Makove, who later became the CEO of the Insurance Regulatory Authority.
Mr Tumbo persuaded the officials to give CIC an opportunity to turn around the company. He drafted a business strategy, which was approved by the Commissioner of Insurance at the Ministry of Finance, Henry Awori. The insurer's licence was extended, giving it a reprieve and an opportunity to raise the capital needed to support its recovery. This move allowed CIC to mobilise Sh120 million from cooperative societies, cooperative organisations, and Cooperative Bank of Kenya by the end of that year.
Mr Tumbo, who had joined CIC in March 1992 from Escort Insurance Brokers in Mombasa, played a crucial role in rallying support from cooperative societies across the country. He travelled extensively to persuade the societies to contribute money toward rebuilding the insurer's capital base. Some societies contributed as little as Sh5,000, while others gave Sh10,000. This effort became a defining moment in his insurance career and for CIC.
CIC, which started in 1968 as an insurance agency within the Kenya National Federation of Co-operatives (KNFC), was licensed as CIS in 1978. In 1999, it changed its name to the Cooperative Insurance of Kenya Limited, before becoming CIC Insurance Group in 2010. Today, CIC is among the top insurers in Kenya, with operations extending to Uganda, Malawi, and South Sudan.
As of June 2026, CIC was the top general insurer with a market share of 9.8 percent and the fifth largest life insurer with 6.45 percent share of premiums. Mr Tumbo's experience at CIC offered him a lesson in the relationship between strategy and execution. He later moved to Jubilee Insurance as CEO, where he contributed to growing the company from position 13 to a market leader in terms of premium base.
In 2008, Mr Tumbo joined Jubilee Insurance, and later joined Sanlam Kenya (now Sanlam Allianz Holdings Kenya), where his responsibilities included restructuring the Kenyan operations. The company is now finalising the consolidation of the holding company and life insurance business as he exits. Mr Tumbo is retiring as Sanlam Allianz Holdings Kenya CEO on October 31 after more than 36 years in the insurance industry.
Mr Tumbo's career has spanned multiple roles in the insurance industry, including heading an insurance brokerage firm in Mombasa. His contributions to CIC and the industry have been significant, and his legacy continues to shape the insurance landscape in Kenya. With his retirement, the industry will be watching to see how his successor navigates the changing landscape.
Key points
- Patrick Tumbo, retiring Sanlam Allianz Holdings Kenya CEO, played a crucial role in rescuing CIC Insurance from collapse in 1995.
- CIC Insurance has grown to become one of the top insurers in Kenya, with operations extending to Uganda, Malawi, and South Sudan.
- Mr Tumbo's experience at CIC taught him the importance of strategy and execution in the insurance industry.
