Articles by Renee Bonorchis

KPMG’s S. Africa Unit Names 9 New Execs in Bid to Restore Client Trust

KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former …

Sanlam Says South African Political Turmoil to Dampen Domestic Business Outlook

Sanlam Ltd., the largest South African-based insurer, said prospects for its domestic business will remain muted for the rest of this year and into 2018 as political uncertainty knocks confidence and markets. Political and economic policy uncertainty is “not likely …

Cape Town Hit by Worst Storm in 30 Years, Threatening Insurers’ Outlook

South Africa’s property and casualty insurers face an even tougher year than expected after Cape Town experienced its worst storm in 30 years and dozens of fires engulfed the region around the town of Knysna this week. The insurers, including …

So. Africa’s Discovery Enters Japan Market with Sumitomo & SoftBank Partnership

Discovery Ltd., South Africa’s third-largest insurer by market value, said it has set up a partnership with Japan’s Sumitomo Life Insurance Co. and SoftBank Group Corp. to develop and introduce products for the world’s third-largest economy. Discovery’s Vitality program, which …

Old Mutual to Split into 4 Units as CEO Works to Reverse Flagging Returns

Old Mutual Plc plans to split into four units as Chief Executive Officer Bruce Hemphill breaks up the U.K. financial services company to reverse years of flagging returns. The insurer will spin off its controlling stake in South African lender …

Old Mutual’s Stock Gains on Reports It Will Break Up Businesses

Old Mutual Plc, the U.K.-based financial services firm that is Africa’s largest insurer, climbed on speculation that it is considering a breakup of businesses as part of a strategic review. The company rose as much as 12 percent in London, …

African Bank in Talks with MMI’s Guardrisk on Insurance Joint Venture

African Bank Investments Ltd.’s lending unit, which collapsed last year, said it is in “advanced” talks with MMI Holdings Ltd.’s Guardrisk business to form an insurance joint venture that will support a revived bank when it starts afresh in April. …

PwC Concludes South African Insurers Seeking Technology Partnerships

South Africa’s biggest insurers are considering technology and telecommunications partnerships as they seek ways to improve earnings to counter increased competition and a slowing economy, according to PricewaterhouseCoopers LLC. “There are a few tie-ups being worked on,” Victor Muguto, PwC’s …

Swiss Re Targets Nigerian Acquisition, Seeking to Tap African Growth Rates

Swiss Re AG, which has had an African presence for more than 60 years, said it’s in talks with Nigerian insurers to buy minority stakes and benefit from growth in the continent’s largest economy. “We’d like to have more investments …

Old Mutual Q1 Sales Rise 18% on Growth in Emerging Markets Business

Old Mutual plc, the London-based insurer, said first-quarter sales gained 18 percent as revenue from operations in Africa jumped by a third. Gross sales increased to 7.3 billion pounds ($11.5 billion), from 6.3 billion pounds a year earlier, Old Mutual …