Madison Balanced Fund: NAV Price: 44.68 Purchase Price: 44.68 | Madison Equity Fund: NAV Price: 35.53 Purchase Price: 35.53 | Madison Money Market Fund: Daily Yield: 9.19% Effective Annual Yield: 9.63%

Madison Group is a locally owned financial services company that specializes in Insurance services and wealth management services. The group comprises of Madison Life Assurance Kenya Limited, Madison General Insurance Kenya, and Madison Investment Managers.

It was originally incorporated under Kenyan Laws in 1988 as Madison Insurance company limited after a successful merger between Crusader Plc (1974) and Kenya Commercial Insurance Corporation. The company has grown exponentially from combined Gross written premiums of KES 100m in 1988 to combined Gross written premiums of KES 6.2 Billion as at Dec 2017.

In 2018, Madison Insurance demerged into two separate companies- Madison General and Madison Life. Madison Life Assurance now writes life business only.



To lead in innovative insurance services that creates and protects wealth for all our stakeholders and to practice good corporate governance.


  • Teamwork
  • Integrity
  • Service
  • Initiative
  • Innovativeness
  • Professionalism

Samuel Ngaruiya


He is a holder of Bachelor of Arts Degree from the Robert Schumann University, France and an MBA from the University of Nairobi. He is also a holder of a Diploma in Marketing from the Chartered Institute of Marketing, London.

He holds several Directorships and is currently the Chairman and Managing Director of Madison Group Ltd and the Chairman of Amedo Centres Kenya Limited. Mr. Ngaruiya has held various senior management level positions in diverse sectors in Kenya including in the oil sector, the motor vehicle sector, the newsprint media sector and in the manufacturing sector

James Wainaina

Deputy Chairman

Mr. Wainaina holds a Master of Business Administration degree from Maastricht School of Management/ESAMI, Fellow of Chartered Association of Certified Accountants-UK (FCCA), member of the Institute of Certified Public Accountants of Kenya (ICPAK), member of the Institute of Certified Secretaries of Kenya (ICSK) and a member of Kenya Institute of Management.

He is the Executive Deputy Chairman of Madison Group Limited together with its subsidiaries, prior to which he worked as Managing Director, Amedo Centres Kenya Limited. He holds several other directorships in Kenya.

Irene Taruru

Board Member

Irene Taruru is an IT Sales & Marketing Specialist with over 16 years’ experience driving growth in different organizations and currently serves as The Director of Sales and Marketing at Unimax Technologies Ltd. Her areas of expertise include formulating and leading implementation of sales strategies, forging high-level relationships and leading negotiations. Irene’s professional experience includes serving in Various IT outfits; she had the opportunity to work for Tech Mahindra a Global IT giant, in the capacity of a Business Development Manager for Kenya & Rwanda.

Irene Taruru ACIM is an Associate Member of Chartered Institute of Marketing (CIM) –UK. She holds an MBA in Marketing from JKUAT, Bachelors of Business Administration from Limkokwing University-Malaysia and Diploma in Business Administration, Human Resource Management and International Business Communication from the Chartered Management Institute – UK

Dr. Eustace Mwarania

Board Member

Dr. Mwarania obtained Doctor of Philosophy in Electronics from the University of Southampton 1992.  After a brief stint as a lecturer in the University of Nairobi, he left to develop programs that enhanced usage of ICT applications for many businesses and public bodies in Kenya.

Upon operationalization of the PPP Act, 2013 Dr. Mwarania started developing infrastructure projects under this framework. He is the Founder and Chairman of Trapos Limited, a Pan‐African firm specializing in the development of urban cable car projects to decongest city roads. Their first project, Likoni cable express, was the first privately initiated investment proposal to receive full concession approval in Kenya.

Edgar Kalya

Board Member

Edgar Kalya has an MBA (Finance) from the University of Nairobi; Certificate in Corporate Governance by the Centre for Corporate Governance (CCG); Advanced Management Program (AMP 2012) from Strathmore Business School, IESE Business School in Barcelona Spain, and Lagos Business Schools; honorary member of the International Academy of Retail Banking in London; and Associate of the Chartered Institute of Bankers ‐ ACIB (London). He is a former Director at Barclays Bank and NIC Bank capping a banking and consulting career spanning over 25 years. He consults in Strategy, Corporate Governance, Finance, Investments, Leadership, Business Advisory, Restructuring, Business Models, and stakeholder management. Edgar sits in the boards of Madison Group, Madison Life, Madison General, Madison Investment Managers, and Talentplex Holdings Ltd. He is a mentor and Coach using his knowledge to develop the next generation of industry leaders.

Prof. X. N. Iraki

Board Member

Prof. X.  N. Iraki is a renowned scholar and Associate   Professor at the University of Nairobi. His academic and research interests include Business Economics, Business Statistics, Innovations and Operations Management. He previously taught at Kentucky State University (USA) and as an adjunct at Strathmore Business School.

Prof. lraki has also served as Lead Consultant in a number of high profile projects in Kenya and internationally. He was a research fellow with the National Economic and Social Council (NESC) for 3 years.   He is a columnist and commentator on socio-economic policies in the Kenyan media.

He is a PhD and Fulbright Scholar in Economics and Management-Jackson State University Mississippi, USA.  Prof. lraki also holds an MBA from the University of Nairobi, M. Ed (Science) from Kenyatta University and B. Ed (Science from the same university. He also holds a certificate in global journalism from the University of Toronto, Canada.

Audrey W. Waita

Alternate Director

Audrey is an Alternate Director to Mr James M. Wainaina. She is Advocate of the High Court of Kenya and currently serves as a consultant in corporate, commercial and conveyancing matters.    Her professional experience includes serving as an independent consultant for the Kenya Information and Communications Technology Board, Group Legal Counsel with Linksoft Group Ltd. and in-house counsel with Safaricom Limited, among other roles.

Audrey holds an LLB. and an LLM degree in International  Business Law from the University of Manchester – UK.  She also holds a Post Graduate Diploma in Law from the College of Law of England and Wales- UK and Post Graduate Diploma in Law from the Kenya School of Law.

Dr. Njeri Kairo

Board Member

Dr Njeri Kairo has extensive experience in leadership and management. Dr Njeri has previously served as Group CEO of Chiromo Lane   Medical Group in Nairobi, Regional  Senior Program Delivery Advisor for East Africa at Johns Hopkins Program for International  Education in Gynecology & Obstetrics (JHPIEGO) and as the Manager in charge of Healthcare Enterprise Business Development at Seven Seas Technologies   Group.

She holds a Global Executive Master of Business Administration from United States International University- Africa, Doctor of Medicine from the Oceania University of Medicine in Samoa and Bachelor of Science Accounting from Missouri State University. Dr Kairo is also is a qualified Certified Public Accountant (CPA(K)).

Francis Munywoki

Board Member

Francis Munywoki is a  Senior Business  Executive with over 20 years’ experience leading business operations and strategy in multinational organizations across Media, FMCG, Banking and ICT.  His experience includes serving as the Managing Director with Nation Newspapers, Managing Director – Print Business and Director of Innovation at The Standard Group, among other roles. Francis has also served as  Global Business  Change and Performance  Manager with the Coca-Cola Company, Group Business  Intelligence Manager with the same organisation; as well as Information  Systems  Engineer with Barclays   Bank. He is a member of Kenya Private Sector Alliance (KEPSA) Board and has previously served in the Board of East African Business Council  (EABC) as Chairman   Policy and Advocacy Committee for three years.

Francis holds an MBA from London Business School and holds a bachelor’s degree in Electrical and Communications Engineering from Moi  University.

Sylvia Nzau

Group Actuarial Manager

Lenard Bett

Group Audit Services


Stanley Chege

Group ICT Manager


Ann Miano

Company Secretary


Serafina Wairimu

Group Human Resources Manager

Yvonne Tharao

Group Marketing Manager

Patrick Muturi

Group Financial Controller


Madison Investment Managers Ltd is an innovative and customer-centric financial services company incorporated in 2001. Madison is licensed and regulated by both the Retirement Benefits Authority (RBA) and the Capital Markets Authority (CMA) as a Fund Manager.

Our diverse team is well equipped to provide Investment Management and Advisory services supported by robust ICT systems, a culture of innovation, collaboration and client focus.

Our passion is to deliver tailor made financial solutions that not only generate superior returns but also are in line with our customers’ investment objective and risk profile.


To serve, grow and protect the wealth of our clients.


  • Honesty
  • Commitment
  • Creativity
  • Teamwork

Marianne Kinyenje

Operations and Administration Manager

MBA(Strategy) CISI

Mark Willie

Business Development Manager

BA (Economics & Mathematics) ICIFA, CISI, CFP Level 1

Kevin Njugi

Acting Investment Manager

BSc (Financial Economics) CISI

Grace Kamau

Chief Accountant

BA(Economics) CPA(K) CPS

Rebecca Tiba

General Manager

MBA (Finance) BSc Horticulture, ICIFA & CISI

Hezron Wambugu

Managing Director

John Muhindi

Assistant General Manager – Healthcare


Samuel Chege

Operations Manager


Eric Ngundi

Head of Corporate

BBA (Marketing) AIIK

John Kamenyi

Head of Bancassurance

Stephen Ngari

Underwriting Manager

MBA(Strategy) BA(Commerce), AIIK

Benson Wambugu

Chief Accountant

Morris Maina

Claims Manager

Johnson Mung’ara

Credit Control Manager

Isaiah Kumotia

Head of Branches

Githua Ngaruiya

Managing Director

Mercy Kago

Premium Administration Manager


Christine Ronga

Claims Manager


Josephat Muthwii

Underwriting Manager

A Level, CITIP, Diploma CII

Gregory Kamau

Chief Accountant

B. Com (Accounting) CPA(K) CSIA(II)

Stanley Karanja

Head of Group Business

Francis Miano

Head of Ordinary Life Business


To be the top ranked
insurance provider


To be the top ranked
insurance provider


To be the leading Investment Management company in East Africa, offering tailored-made investment solutions.


To be the leading Investment Management company in East Africa, offering tailored-made investment solutions.