Old Mutual Insure (OM Insure) has acquired a 51% stake in ONE Financial Services, a South African short-term insurance service provider, for R500 million.<\/p>\n
\u201cThis transaction supports our strategic ambitions of growing our business, strengthening our distribution capabilities and non-insurance revenue streams,\u201d said Garth Napier, MD of OM Insure.<\/p>\n
While ONE Financial Services has been operating as an underwriting management agency for Mutual & Federal Risk Financing Limited (MFRF) – wholly owned by OM Insure – for some time already, ONE Financial Services has, since, 1996, grown into a group of companies offering a wide range of niche and traditional insurance solutions and services. <\/u><\/u><\/p>\n
\u201cWorking with ONE Financial Services has enabled MFRF to provide world-class cell captive solutions to affinity businesses and underwriting managing agents including innovative start\u2013ups, InsurTech and Fintech companies. Its suite of offerings include an integrated cloud-based technology system called 1Web, and we are excited that this transaction allows us access to this industry-leading technology platform,\u201d said Karen Naidoo, MD at MFRF.<\/p>\n
She said that the platform will allow the business to \u201cdeliver more agile onboarding and servicing capabilities while empowering OM Insure\u2019s partner network – ranging from intermediaries to other underwriting management agencies \u2013 with quicker turnaround times and greater ability to manage policies and serve clients.\u201d<\/p>\n
\u201cIn short, this acquisition will equip OM Insure to offer new products to clients, consumers and brokers through product, service and system innovation. At the same time, OM Insure, as South Africa\u2019s third largest non-life insurer, will enrich the ONE Financial Services platform with a wealth of industry and institutional knowledge founded on over 187 years of insurance experience,\u201d said Napier.<\/p>\n