Old Mutual Insure Acquires Specialist Insurer Genric
Old Mutual Insure Acquires Specialist Insurer Genric. Old Mutual Insure is pleased to announce the signing of a Share Purchase Agreement that will see Old Mutual Insure acquire 100% of Genric Insurance Company Limited (Genric). Genric is a licensed non-life insurer that partners with and holds ordinary equity interests in a number of specialist underwriting management agencies, start-up businesses and insure-tech innovators.
This transaction brings Old Mutual Insure not only an ability to rapidly test and scale new product ideas but also access to a new customer base in accident and health, medical insurance, as well as other niche insurance such as value-added products, cash in transit, equine, marine, travel, taxi, heavy commercial vehicles, and shack insurance. The acquisition is likely to enhance Old Mutual Insure’s customer service experience by including value-added services offerings (VAPs) offered by Genric, develop more innovative products, and give it access to new markets through low-cost products. Genric has demonstrated its ability to identify and incubate start-up businesses.
GENRIC Insurance Company is a market leader focused on bringing innovative and niche insurance solutions to market by partnering with specialist underwriting management agencies (UMAs), start-up businesses, insuretech innovators and brokers. The company knows that past successes don’t always guarantee future success in today’s evolving risk landscape. This is why it continues to innovate its business model by working with specialist partners to bring unique insurance solutions to market that solve pressing risk challenges.
Old Mutual Limited is a premium pan-African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets in 14 countries. The company has been helping its customers achieve their lifetime financial goals for over 170 years by investing their funds in ways that create positive futures for them, their families, their communities and broader society. In this way, it significantly contributes to improving the lives of its customers and their communities while ensuring a sustainable future for the business.
