Old Mutual Insure forges strategic partnership with The Liability Company
Old Mutual Insure, a leading non-life insurer in South Africa, today announced a strategic partnership with The Liability Company, a trailblazer in specialist liability insurance. This alliance is set to strengthen Old Mutual Insure’s liability insurance offerings across Africa and bring innovative, client-focused products to the forefront of the market.
This partnership represents a convergence of Old Mutual Insure's depth of experience and corporate insurance solutions with The Liability Company's modern, specialised approach to liability-based insurance. It aims to redefine service excellence and product accessibility for clients across the continent.
"Old Mutual Insure has gained a formidable reputation for our specialist insurance division spanning niche business units like Engineering, Corporate Property and Marine. This partnership will fill the missing piece of the puzzle and allow us to become meaningful players in the specialist liability space,” said Samantha Boyd, Chief Executive of Specialty at Old Mutual Insure.
“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.”
The Liability Company has made some impressive strides in the insurance market of late, under the new leadership of Simon Colman, a specialist insurance veteran with over 30 years’ experience, affirming its position as a leader in the casualty space. Combining their specialist risk services and product innovation, into Old Mutual Insure's extensive distribution network, promises an elevated service experience for brokers, not to mention a much-needed injection of meaningful capacity into the corporate insurance market.
Furthermore, The Liability Company's strategic expansion of its team with industry experts underscores the partnership's potential to reshape the liability insurance landscape. "This partnership is a forward-thinking move for us," added Colman, CEO of The Liability Company. "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."
Garth Napier, MD of Old Mutual Insure, said that the alignment between the companies fits in with the insurer’s overall strategy to look to partnerships to unlock value for clients and brokers.
“The landscape for product innovation is increasingly becoming competitive. Partnerships as well as mergers and acquisitions (M&A) in this environment are key levers for growth and diversification in the SA non-life insurance market. We look forward to this partnership unlocking new growth opportunities and adding to our competitive advantage, as well as offering our customers specialist products and services. It also gives us the ability to rapidly test and scale new product ideas,” concluded Napier.