Old Mutual Insure and Swiss Re Plan Strategic Partnership to Expand Corporate Property Insurance
Old Mutual Insure and Swiss Re Plan Strategic Partnership to Expand Corporate Property Insurance. Old Mutual Insure and Swiss Re Corporate Solutions have proposed a strategic co-operation that could expand corporate property insurance capabilities in South Africa through a combination of local market expertise and international technical resources.
The proposed arrangement, which is subject to regulatory approval, will see Swiss Re Corporate Solutions’ South African insurance portfolio transferred to Old Mutual Insure, strengthening the latter’s corporate property business and specialist underwriting capabilities.
Under the proposed model, Old Mutual Insure will become the local insurer of record, assuming responsibility for underwriting, pricing and relationships with clients and brokers.
Swiss Re Corporate Solutions will continue providing technical expertise and access to its International Programs platform. Old Mutual Insure will also become its local network partner for International Programs in South Africa, supporting local corporates and multinational businesses with operations in the country.
The arrangement is intended to combine Old Mutual Insure’s established local presence, broker relationships and underwriting capabilities with Swiss Re Corporate Solutions’ international network and technical expertise.
Employees within Swiss Re Corporate Solutions’ South African business are also expected to join Old Mutual Insure, subject to regulatory approvals and the final transaction terms. Both organisations have committed to managing the transition carefully, prioritising service continuity for clients and brokers and providing appropriate support to affected employees.
Old Mutual Insure chief executive officer Soul Abraham described the proposed partnership as an important milestone in the company’s growth strategy.
He said the relationship would allow the insurer to strengthen its corporate property offering, develop specialist capabilities and create additional value for clients and brokers.
Swiss Re Corporate Solutions chief executive officer Ivan Gonzalez said the co-operation would improve the company’s ability to support clients and brokers in South Africa.
He said combining Old Mutual Insure’s local distribution network and market knowledge with Swiss Re’s International Programs capabilities and capital strength would create a scalable model for long-term growth.
Swiss Re Corporate Solutions is the direct insurance arm of the Swiss Re Group. The proposed co-operation will not affect the group’s existing property and casualty reinsurance business in South Africa.
The transaction remains subject to the necessary regulatory approvals.
