Tribunal unconditionally approves Old Mutual Insure and Genric merger

Pretoria - The Competition Tribunal of South Africa today announced that it has unconditionally approved the large merger between Old Mutual Insure Limited and Genric Insurance Company Limited.
 
Old Mutual Insure announced the 100% acquisition of Genric in the first week of September 2022, but said the transaction was still subject to regulatory approvals, including the Prudential Authority and Competition Commission approvals.

At the time, Garth Napier, Old Mutual Insure Managing Director said the deal will bring the insurer closer to its goal of customer-centricity, as it will be able to access a wider range of value-added products and innovative offerings. He added that it will also give Old Mutual Insure access to new insurance markets with low-cost products that can contribute meaningfully to its transformation strategy.

Given that Genric has a number of specialist underwriting management agencies, start-up businesses and insure-tech innovators, Genric can help OM Insure better understand the customer of the future by designing appropriate solutions, Napier further explained.

Since commencing operations in 2005, Genric has built up an enviable position as a specialist insurer, partnering with Underwriting Management Agencies (UMAs), brokers, and insure-tech start-ups to bring niche insurance solutions to underserved markets. Today the company is run by its founding members, MC Du Toit, CEO, and Cornel Schoeman, COO.

At the time of announcement in September 2022, Du Toit said Genric had built a solid reputation as an insurer with quality, niche offerings and the acquisition allows these products to reach a wider footprint, further pointing out that they were looking forward to seeing the expansion of the offering under the Old Mutual Insure brand.

Genric (and all firms that it controls as well as the firms controlled by those firms) is a licensed non-life and specialist insurer. It focuses on bringing innovative and niche insurance solutions to the market by partnering with specialist underwriting management agencies, start-up businesses, insuretech innovators and brokers. Its product portfolio includes appliance warranty, brick and mortar, car hire insurance, gadget insurance and excess waiver insurance.

Old Mutual Insure is a licenced non-life insurer, providing services to personal, commercial and corporate clients. Its products cover non-life insurance solutions such as property, transportation, motor, accident and health, guarantee, liability, engineering and miscellaneous insurance in South Africa.