Old Mutual Insure and Swiss Re Plan South Africa Deal

In Short

Old Mutual Insure and Swiss Re Corporate Solutions have announced a proposed strategic cooperation in South Africa, subject to regulatory approvals.

If approved, Swiss Re Corporate Solutions’ South African insurance portfolio would transfer to Old Mutual Insure and become part of its corporate property portfolio.

Old Mutual Insure would become the local insurer and insurer of record, meaning it would take responsibility for underwriting (deciding what to insure), pricing, and ongoing local client and broker relationships.

What Happened: How The Portfolio Transfer Would Work

Under the proposed arrangement, the two firms said Swiss Re Corporate Solutions’ South African insurance portfolio would move to Old Mutual Insure after the required approvals and completion of transaction steps.

They described the cooperation as more than a portfolio transfer. The plan is to combine Old Mutual Insure’s local market presence, broker and client relationships, and underwriting capabilities with Swiss Re Corporate Solutions’ global technical expertise, international network, and International Programs platform.

Swiss Re Corporate Solutions would continue to support the 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.

Why It Matters: What Changes For Clients And Teams

For corporate customers and brokers, the shift would move underwriting, pricing, and day to day relationships for the transferred business to Old Mutual Insure.

The companies also said employees in Swiss Re Corporate Solutions’ South African business are going to join Old Mutual Insure, subject to regulatory approvals and the final terms of the transaction.

Swiss Re Corporate Solutions said the cooperation does not impact Swiss Re Group’s established Property and Casualty Reinsurance business in South Africa.

Soul Abraham, Chief Executive Officer of Old Mutual Insure, said, “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.”

Ivan Gonzalez, CEO of Swiss Re Corporate Solutions, said the firms believe the cooperation will help them “better support our clients and brokers in South Africa,” and described the model as “scalable” for long term growth in the market.