Old Mutual News

S. Africa Insurers’ COVID-19 Payments May Be Too Little, Too Late, for Some Businesses

South African small businesses fighting rejected coronavirus-related claims said insurers’ offers of relief are too little too late for many and could leave some already struggling to survive with nothing at all. Insurers around the world have argued COVID-19 lockdowns …

Cape Town Drought Highlights Water Scarcity Risk to Vulnerable Cities Globally: UBS

Cape Town’s water crisis, which saw the drought-hit city come within 90 days of turning off the taps earlier this year, highlights the threats to South African companies from a repeat event and should serve as a warning to vulnerable …

Old Mutual Finishes Restructuring to Focus on S. African Market

South Africa’s prodigal insurer returned home to a lukewarm welcome on Tuesday. Old Mutual Ltd. started trading its stock in Johannesburg at 28.50 rand before swinging between 28.20 rand and 29.39 rand. The listing — done in conjunction with others …

R&Q Buys Old Mutual’s Run-Off Captive, Constantia Insurance

Randall & Quilter (R&Q) announced it has acquired Constantia Insurance Co. (Guernsey) Ltd., a captive company now in run-off, from Old Mutual plc. Regulatory approval for the acquisition has been granted and Constantia will be amalgamated into Capstan Insurance Company …

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 …

Old Mutual Backs Its South Sudan Businesses – Despite War, Famine

Old Mutual Plc will continue to back its businesses in war-torn South Sudan even after profit plunged last year because the economy shrank and customers scaled back operations. “Though we’re not expanding as fast as we would like to, we …

XL Catlin Invests $4M in Insurtech Microinsurance Startup, Stonestep

XL Catlin’s venture fund, XL Innovate, committed $4 million in first-round financing to Stonestep, a property/casualty insurtech startup looking to streamline how microinsurance is sold in emerging markets. The Series A funding is designed to help Stonestep grow in the …

Kenyan Insurers Face New Capital Rules Which Could Lead to Market Shakeout

A push by Kenyan regulators to clean up the East African country’s insurance industry is poised to trigger stake sales or exits by underwriters unable to meet the new capital requirements, according to an industry group. Most companies missed a …

Ironshore’s Pembroke Agency Partners with Old Mutual for Africa Risks

Ironshore’s Pembroke Managing Agency Ltd. has entered into a management agreement with Old Mutual Group to underwrite select specialty lines for African risks. Pembroke’s Lloyd’s Syndicate 4000 partners with Old Mutual Specialty Insurance, to offer coverage for multiple property, casualty …

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 …