Overview:

Uganda’s top general insurer, Old Mutual, prepares for leadership change as Stephen Chikovore departs and Andrew Makumbi steps in as acting head.

KAMPALA, Uganda — Old Mutual Insurance Uganda, the country’s leading general insurer, has announced that Managing Director and Chief Executive Officer Stephen Chikovore will step down on Jan. 31, 2026.

The board has appointed Andrew Makumbi, the company’s chief financial officer, to take over as acting managing director effective Feb. 1, 2026, pending regulatory approval.

Chikovore’s departure marks the end of a decade-long tenure that began when he joined the firm as general manager in 2015. After his promotion to managing director in 2019, he oversaw a period of significant expansion and a complex rebranding process from UAP Old Mutual to Old Mutual Insurance Uganda Limited in 2025.

Mathias Katamba, the board chairperson, confirmed the transition was carefully planned and internally communicated. Katamba praised Chikovore for steering the company through multiple phases of ownership and identity, stating he did a “fantastic job” bringing the business to its current standing.

Under Chikovore’s leadership, the insurer achieved several key milestones:

  • Attaining and maintaining the top position in the general insurance market.
  • Recording a leading market share that averaged 21 percent.
  • Securing an average annual growth rate of 6 percent over the last five years.
  • Managing the final transition to the Old Mutual global brand.

The leadership change comes at a volatile time for the Ugandan insurance sector. Chikovore exits just as a major merger between Sanlam General Insurance and Jubilee Allianz General Insurance has created SanlamAllianz General Insurance. The new entity represents a well-capitalized number-two competitor that may challenge Old Mutual’s dominance.

Insurance Regulatory Authority data confirms Old Mutual remains the largest general insurer in the country by gross written premium. The company stated that despite the transition, the leadership team remains focused on its strategy and delivering its mandate to stakeholders.

“Old Mutual extends sincerest gratitude and appreciation to Mr. Stephen Chikovore for his service to the group and wishes him the very best in his endeavors,” the firm said in a public notice.