Three new directors are joining the board of the Ethiopian Insurance Corporation (EIC).



The appointment of the new directors, including Daba Debele, head the Capacity Building Bureau of the Addis Abeba City Administration; Degu Lakew, head of the Government Accounts Sub-processes at the Ministry of Finance and Economic Development (MoFED); and Alemnesh Worku, Civil Service Bureau head at the Ministry of Capacity Building, followed the appointment of Muktar Kedir, Secretary of the Ethiopian People's Revolutionary Democratic Front (EPRDF), as chairman of the board on December 11, 2009.

Muktar replaced the old chairman, Messai Girma. It is not yet known if the new members will replace any of the three other directors of the corporation, including Kassahun Hailemariam, general manager of the Ethiopian Transport Authority; Tekola Shimeles, general manager of Ethiopian Postal Services; and Getachew Adem, Macroeconomic Department head at MoFED, according to Mekonnen Minda, Corporate Public Relations and Marketing Department head at the EIC.

"We have received no letter so far regarding any replacements," Mekonnen said.

The EIC has been under a new managing director since December 11, 2009, when the new board chairman was appointed. Yewondwossen Etafa, the new boss, was the Insurance Supervision Manager at the National Bank of Ethiopia.

The EIC was established in 1976 with a paid up capital of 11 million Br under the military regime by taking over the assets and liabilities of 13 nationalised insurance firms. It was the sole insurer in Ethiopia until the end of the regime that established it.

It reported 55.6 million Br and 68 million Br in profits for 2006 and 2007, respectively.

Addis Fortune