The Billionaires of Kenya: Legacy of Kenya’s Longest-Serving CEO Benson Wairegi

Billionaire Dr. Benson Wairegi is one of Kenya’s most accomplished corporate leaders, having led Britam Holdings Plc from a struggling home insurer into a regional financial services powerhouse.

With a career of about 40 years, Wairegi is widely regarded as Kenya’s longest-serving CEO of a listed company and one of the most influential figures in Kenya’s financial services industry.

Born in Murang’a County, Wairegi’s early life was modest.

His father was a carpenter who could not afford to send him to boarding school, forcing him to cook and live alone while attending secondary school.

He later progressed to Nyeri High School and the University of Nairobi, where he earned a degree in commerce and a master’s in business administration.

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How the Billionaire Built Britam into a Market Leader

His corporate career began at Pricewaterhouse (PWC) in 1977.

Three years later, he joined Britam as Chief Accountant. By 1982, he had become CEO, a position he held for 38 years until his retirement in January 2021.

When Wairegi took over, Britam had only Ksh5 million in its accounts and was facing insolvency.

However, under his leadership, the company evolved into a diversified financial services group with assets exceeding Ksh130 billion across various sectors, including insurance, pensions, asset management, real estate, and banking.

Britam also grew physically. From a small office on Kenyatta Avenue, the company relocated to the 32-storey Britam Tower in Upper Hill, currently the third-tallest building in Africa.

Further, the firm expanded into seven African countries.

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Dr. Benson Wairegi on Navigating Challenges and Wins at Britam

During his tenure, Britam recorded a $90 million loss in 2020, prompting a major restructuring that resulted in reduced senior management and job cuts.

Other challenges included the collapse of the Linda Jamii health insurance scheme and disputes involving key investors such as the Rawat family.

However, despite the setbacks, Britam survived and adapted. For Wairegi, failures were opportunities for reinvention. The company’s micro-insurance division, created after Linda Jamii’s collapse, became a vital revenue stream.

Beyond Britam, Wairegi was part of Kenya’s influential “Rwarehia axis” of business leaders, alongside Equity Bank founder Peter Munga, CEO James Mwangi, and investment banker Jimnah Mbaru.

In 1984, he personally invested Ksh300,000 in Equity Building Society, the precursor to Equity Bank.

That stake grew into more than Ksh300 million. Britam’s own Ksh200 million investment in Equity in 2002 later grew to Ksh10 billion.

Wealth and Influence

At retirement, Wairegi held a 4.03% stake in Britam, valued at Ksh 782.98 million ($6.05 million).

Combined with other assets, his net worth is estimated at Ksh1.5 billion ($12 million).

He also sat on the boards of Equity and Housing Finance Group, proving his influence across Kenya’s financial sector.

Wairegi believes money should be a tool for building institutions and uplifting others rather than for display.

“You can be happy if you have money, you can be happy if you don’t have money. But the two are not opposites,” he once said during an interview with Standard Digital. 

He is currently chairman of Endeavor Kenya, part of a global network that supports high-impact entrepreneurs.

In retirement, he has shifted focus to mentorship, coaching, and family life.

“After 40 years, I am happy about my life. I am happy about my family… I feel fulfilled,” he remarked. 

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