Old Mutual Insure Announces The Acquisition Of ONE Financial Services
Old Mutual Insure Announces The Acquisition Of ONE Financial Services. Old Mutual Insure (OMI) has announced that it has acquired 51% ONE Financial Services, a financial services group which conducts short-term insurance activities through Binder and Cell Shareholder Agreements as well as providing insurance support services , technology and underwriting management agency activities, for an initial purchase consideration of R500 million.
ONE Financial Services, which was established in 1996, has grown into a group of companies offering a wide range of niche and traditional insurance solutions and services as a cell captive underwritten by Mutual & Federal Risk Finance (“MFRF”). MFRF is a wholly owned subsidiary of OMI. ONE Financial Services’ book of clients is diversified across all major classes of business, including Motor and Property, with group comprehensive income for the year ended 31 December 2020 of R33 million.
ONE Financial Services also offers an integrated cloud-based technology system called 1Web. Old Mutual Insure has a history that dates back more than 175 years. As one of the leading companies in southern Africa’s non-life insurance landscape, the company is justifiably proud of its tradition of service and quality, as well as its range of insurance solutions, which are amongst the best on offer anywhere in South Africa. OMI provides insurance services to personal, commercial and corporate clients in South Africa.
It also has operations in Namibia, Botswana, Zimbabwe and Nigeria under the Old Mutual brand. The transaction is in-line with OMI’s strategy to increase its market share and expand its footprint through a well-managed and stable business. ONE Financial Services further enhances OMI’s access to industry-leading technology and non-insurance revenue streams.
