The Board of Directors of NICO Life Insurance Company Limited wishes to announce the retirement of Mr Eric Chapola and the appointment of Mr Wise Chigudu as Chief Executive Officer(CEO).

Mr Chapola retired on 31st December 2023, having played an integral part in the success of the NICO Group over a period of 20 years. He joined the Group in 2004 as CEO of NICO Uganda before moving back to Malawi in 2009 to take up the position of CEO at NICO General Insurance Company. He has served as Chief Executive Officer of NICO Life from 2017 till his retirement. He also served as a director on several NICO Group Boards.

The NICO Group wishes Eric well on his well-deserved retirement.

In preparation for Eric’s retirement, Mr Wise Chigudu joined NICO Life in 2023 as CEO Designate. Mr. Chigudu is an accomplished leader with a proven track record in the insurance and reinsurance sectors. He brings with him innovative expertise and extensive experience, with a specific focus in building pricing and asset-liability models for large multinational insurance groups. His leadership extends across all insurance sectors, including life, health, non-life, broking, and intermediary services.

As a qualified actuary and a Fellow of the Institute of Actuaries (UK), Mr. Chigudu has a robust background in actuarial work, covering corporate finance, pricing, reserving, capital modeling, investments, and risk management. He holds a Bachelor of Commerce degree (Economics and Statistics) from the University of Cape Town and a Master of Business Administration degree from the University of Oxford.

We welcome Wise to NICO Life Insurance Company, and the NICO Group and look forward to leveraging his expertise to continue to provide exceptional value to our clients.