Genric Insurance Company (Genric), a licensed non-life and specialist insurer with a focus on delivering novel and specialized insurance solutions to the market, was recently acquired in its entirety by Old Mutual Insure.
“The transaction will satisfy a number of strategic objectives for the company, including an enhanced customer experience,” said Garth Napier, Managing Director of Old Mutual Insure. “As a result of this agreement, we will have easier access to a wider variety of value-added products and novel offerings, bringing us closer to our goal of customer-centricity. It will also allow us to enter new insurance markets that offer competitively priced products that can aid in our overall transformation strategy”.
With this deal, Old Mutual Insure gains access to a new customer base in the areas of accident and health, medical insurance, value-added products, cash in transit, equine, marine, travel, taxi, heavy commercial vehicles, and shack insurance, among others. Napier claims that Genric can aid OM Insure in anticipating the needs of its future clients by leveraging the knowledge and expertise of its many specialist underwriting management agencies, startup companies, and insure-tech innovators.
Since its founding in 2005, Genric has established itself as a leading specialist insurer by collaborating with UMAs, brokers, and insure-tech startups to provide coverage for previously unserved markets. MC Du Toit, the current CEO, and Cornel Schoeman, the current COO, are the original members of the company’s management team.
“We are excited to begin this new chapter with Old Mutual Insure, said MC Du Toit, CEO of Generic Insurance. “Genric has earned a stellar reputation in the insurance industry for providing superior specialty products. The purchase expands the market for these goods. We are excited to see the Old Mutual Insure brand grow and develop. I’m thrilled that one of Africa’s largest insurers has taken notice of Genric’s impressive record of sustained profitability and constant innovation”
The Transaction will not be finalized until it receives the necessary approvals from the relevant authorities, such as the Prudential Authority and the Competition Commission. Non-life insurance and FSP services are provided by Old Mutual Insure Limited.