A Journey of Entrepreneurial Agility,  Innovation and Great Partnerships

MC du Toit, CEO and Co-Founder of GENRIC Insurance Company Limited reflects on 20 years of niche insurance excellence…

When we opened GENRIC Insurance Company Limited’s doors in October 2005, we started with just R5 million in capital and a vision to create a specialist insurer that would do things differently. Two decades later, standing at our 20th birthday milestone, I reflect on how far we’ve come - and how much further we can go.

What makes our story remarkable is that GENRIC has not had a single external capital injection since its founding. Every cent of equity has been built from retained earnings. That means our growth has been forged through discipline, precision underwriting, and an unwavering focus on writing the right business. Our agile management team stay at the forefront of charting our course, taking corrective action early when needed, and building the strong partner relationships that define the GENRIC we know today.

Building a Niche in a Challenging Market

From day one, we understood that being a generalist insurer in a competitive and complex market would not set us apart. Our strategy was clear: we would focus on niche, specialised insurance solutions. Over the years, this positioning has helped us adapt to market shifts, particularly during the hardening of global reinsurance markets from 2017/18.

Those challenges forced us to sharpen our model. We deliberately transformed our portfolio to rely less on reinsurance and to deliver healthier underwriting margins. At the same time, we drove operational efficiency and strengthened our technology platforms. Today, those decisions are bearing fruit - evidenced most clearly in the 100% acquisition of GENRIC by Old Mutual in January 2023.

Old Mutual recognised the unique value of GENRIC: our agility in designing solutions for rapidly evolving risks and underserved markets. The acquisition gives us the strength of a leading insurer, while allowing us to remain true to our entrepreneurial DNA. GENRIC continues to operate as a standalone insurer, applying the same recipe that got us here - only now with the scale, synergies, and resources of Old Mutual behind us.

This partnership opens enormous opportunities for our UMA, broker, and Insurtech partners, who have always been the cornerstone of our business and trust us to back their innovative ideas and niche product propositions.

An Entrepreneurial Culture

I firmly believe that our people and partners have been the cornerstone of our success. From the beginning, we set out to build a motivated, engaged, and entrepreneurial team. GENRIC is well known for its culture of encouraging bold thinking, calculated risk-taking, and innovation. This dynamism naturally attracts people who thrive in a fast-changing environment - whether they are brokers, UMAs, or Insurtech partners. For us, yesterday’s successes are never enough. We live by the mindset that innovation must be constant, because customer needs and risks are evolving faster than ever.

Investing in the Next Generation of Insurance Talent

Our culture of growth also extends to developing the next generation of insurance professionals. GENRIC has long recognised the critical importance of talent development in sustaining the industry. Through learnerships for young, disadvantaged youth, we provide pathways to obtain formal qualifications while gaining valuable workplace experience. Our programs further support graduates and young professionals with mentorship, skills development, and opportunities to pursue personal mastery and career growth. These initiatives are not just about corporate social investment; they are pivotal in addressing the global talent gap that our industry faces. With an ageing workforce, evolving in-demand skills, the rapid advance of digital transformation, and shifting consumer expectations, attracting and retaining young talent has never been more important. At GENRIC, we see investing in youth as investing in the very future of our business and insurance industry.

Embracing Technology and Insurtech

Technology is no longer a support function in insurance - it’s the backbone. GENRIC has been at the forefront of Insurtech adoption, using technology to connect insurers, brokers, and insureds in more cohesive, efficient ways. We see Insurtech not as a disruptor but as a massive enabler to bring niche solutions to market faster and deliver better experiences for consumers.

Challenges on the Horizon

Looking ahead, the insurance industry faces mounting headwinds. Regulatory compliance is costly and complex. Climate change is reshaping global risk profiles, with reinsurers absorbing increasingly severe catastrophe losses. Locally, the South African economy and governance challenges - from failing infrastructure to poor service delivery - add further pressure. Geopolitical risks are front and centre for every business and government.

At the same time, consumer expectations are accelerating. Insurance must evolve to meet those expectations with speed, transparency, and relevance.

As we celebrate our 20th birthday, my excitement is not only in looking back and reflecting, but in looking forward. South Africans face new and emerging risks every day, and the demand for specialised, agile insurance solutions has never been greater. We see significant opportunity in areas like health and accident insurance, where consumer needs are growing more complex in a changing healthcare funding landscape.

The next chapter for GENRIC is about scaling our innovation faster, leveraging our partnerships, and continuing to bring together the best of people, technology, and distribution. For me, the real success of GENRIC is not just in our financial performance or the deals we’ve secured. It’s in proving that an entrepreneurial, focused, and agile insurer can thrive - and now, with the backing of one of Africa’s most trusted insurance brands and our trusted broker and UMA partners, we’re poised to go even further.

Here’s to the next 20 years of innovation, resilience, community and growth.