Old Mutual Insure to take over Swiss Re’s South African insurance portfolio

Old Mutual Insure and Swiss Re Corporate Solutions announced a proposed cooperation that would transfer Swiss Re Corporate Solutions’ South African insurance portfolio to Old Mutual Insure, subject to regulatory approvals and completion of the agreed transaction steps.

The transferred business would join Old Mutual Insure’s corporate property portfolio. Old Mutual Insure would become the local insurer and insurer of record, taking responsibility for underwriting, pricing, and ongoing client and broker relationships.

Swiss Re Corporate Solutions would continue to provide technical expertise and International Programs capabilities. Old Mutual Insure would also become its local network partner for International Programs in South Africa, supporting South African corporates and multinational companies operating in the country.

Employees in Swiss Re Corporate Solutions’ South African business are expected to join Old Mutual Insure, subject to approvals and final transaction terms.

The arrangement does not affect Swiss Re Group’s property and casualty reinsurance business in South Africa. Financial terms were not disclosed.