A newly formed alliance is set to expand Old Mutual Insure’s liability insurance offering across Africa.
Old Mutual this week announced a strategic partnership with The Liability Company, a specialist liability insurer.
Old Mutual Insure’s specialist insurance division currently spans niche business units such as engineering, corporate property, and marine.
The Liability Company, a leader in the casualty space, has earned a reputation for being at the forefront of innovation in the liability insurance industry.
According to a media statement released yesterday, the plan was to combine The Liability Company’s specialist risk services and product innovation with Old Mutual Insure’s extensive distribution network, providing a “much-needed injection of meaningful capacity into the corporate insurance market”.
Samantha Boyd, the chief executive of Specialty at Old Mutual Insure, said the partnership would fill the missing piece of the puzzle and allow the non-life insurer to become “meaningful players in the specialist liability space”.
“The Liability Company is redefining the industry with its commitment to technical know-how and broker engagement, which aligns perfectly with our customer value proposition,” said Boyd.
Under the new leadership of Simon Colman, The Liability Company has seen a strategic expansion of its team with industry experts.
The CEO said the partnership was “a forward-thinking move” for them.
“Old Mutual Insure’s reputation and reach, combined with our innovative edge and specialist focus, present an exciting future for our clients and the market in general,” said Colman.
Garth Napier, the managing director of Old Mutual Insure, said the alignment between the companies fits in with the insurer’s overall strategy to look to partnerships to unlock value for clients and brokers. Napier said the partnership gave them the ability to rapidly test and scale new product ideas.
“The landscape for product innovation is increasingly becoming competitive. Partnerships as well as mergers and acquisitions in this environment are key levers for growth and diversification in the South African non-life insurance market,” he said.
