Swiss Re Corporate Solutions and Old Mutual Insure have entered into a strategic partnership to transfer the former’s insurance portfolio in South Africa to the latter, which will form part of Old Mutual Insure’s corporate property portfolio.
The arrangement is subject to applicable regulatory approvals and completion of the agreed transaction steps.
Following completion, Old Mutual Insure would become the local insurer and insurer of record for the transferred business, with responsibility for underwriting, pricing, and ongoing local client and broker relationships.
The move combines Old Mutual Insure’s local market presence, deep broker and client relationships, and underwriting capabilities with Swiss Re Corporate Solutions’ global technical expertise, international network, and International Programs platform.
It also strengthens Old Mutual Insure’s corporate property business, expands specialist expertise, and supports the evolving needs of South African corporates and multinational clients.
As per the terms, Swiss Re Corporate Solutions would continue to support the agreed model through technical expertise and its International Programs capabilities. Old Mutual Insure would also become Swiss Re Corporate Solutions’ local network partner for International Programs in South Africa, supporting South African corporates and multinational companies with operations in the country.
Additionally, employees in Swiss Re Corporate Solutions’ South African business will join Old Mutual Insure, subject to regulatory approvals and the final terms of the transaction.
Swiss Re Corporate Solutions is the direct insurance arm of Swiss Re Group, a leading, global reinsurance company.
Soul Abraham, Chief Executive Officer (CEO), Old Mutual Insure, commented, “This is an incredibly exciting moment for Old Mutual Insure and a significant milestone in our growth journey. We have worked hard over the past few years to strengthen our business, and this proposed relationship represents exactly the kind of opportunity we want to pursue as we enter our next phase of growth. We are delighted to be cooperating with Swiss Re Corporate Solutions, an organisation with exceptional global expertise, technical capability and international reach.
“What excites me most is what we can build together. By combining Swiss Re’s global capabilities and international network with Old Mutual Insure’s strong local presence, underwriting expertise and deep broker relationships, we have a tremendous opportunity to strengthen our corporate property offering and bring even greater value to clients and brokers.
“For us, this is much more than a portfolio transfer. It is about building a long-term strategic relationship, developing specialist capabilities and creating a compelling platform for sustainable growth. Subject to the required approvals, we look forward to welcoming our new colleagues and working together to build something truly valuable for the South African insurance market.”
Ivan Gonzalez, CEO, Swiss Re Corporate Solutions, added, “We firmly believe that this cooperation will help us better support our clients and brokers in South Africa. The combination of Old Mutual Insure’s local distribution network and market knowledge with our International Programs capabilities and capital strength creates a scalable model for us to grow long-term in this attractive market.”
