South Africa's largest insurer Sanlam names insider Ian Kirk as CEO

Ian Kirk, incoming CEO of Sanlam

South Africa‘s biggest insurer Sanlam on Thursday named company insider Ian Kirk as its next chief executive, replacing Johan van Zyl after 12 years at helm.

Kirk inherits a company in the middle of bulking up its presence in the rest of Africa, where rapid economic growth has increased the number of people with money to spend on insurance to protect their wealth.

Sanlam, which operates in 10 African countries including oil-rich Ghana and Africa’s biggest economy Nigeria, aims to nearly double sales contribution from those countries to about 20 percent in the next five years.

Read more: South Africa’s Sanlam names insider Ian Kirk as CEO | Reuters