Old Mutual Emerging Markets, a part of the Old Mutual Group, has enhanced its sub-Saharan Africa specialty insurance proposition with the introduction of Old Mutual Specialty Insurance, a Lloyd’s cover holder. Old Mutual Specialty Insurance has entered into an agreement with Lloyd’s underwriters to offer customised insurance coverage in nine product areas: commercial property; energy; construction; political risk and trade credit; mining; kidnap and ransom; terrorism; cargo, transit and delay in start-up; and general aviation.
These specialty insurance solutions will be delivered through established Old Mutual insurance businesses in sub-Saharan Africa, including Mutual & Federal, UAP and Old Mutual Nigeria. Building on these strong foundations, Old Mutual Specialty Insurance will bring significant additional risk capacity with the ability to underwrite up to US250m sum insured any one risk location. Together with the introduction of new product lines, this will protect corporates, governments and investors against complex and large-scale risks, on a portfolio or single project basis.
Sub-Saharan Africa is forecast to become the fastest growing region in the world, fuelled in part by infrastructure investment, urbanisation and a young and growing population. The business brings increased choice for insurance brokers, buyers and investors and will enable more specialty insurance business to be retained in Africa.
Martin Hudson, Chief Executive, Old Mutual Specialty Insurance said, “We’re working in partnership with leading Lloyd’s specialty underwriters to enhance our in-country capabilities – world-class insurance expertise delivered directly by local teams that have a deep understanding of Africa.”
“As part of our approach Old Mutual Reinsurance (Mauritius) Limited will be taking an additional share of the underwriting risk through a specific reinsurance contract. This is important as it demonstrates our commitment to the long-term underwriting integrity of our proposition.”
The partnership brings together Lloyd’s – the world’s specialist insurance and reinsurance market – with Old Mutual – Africa’s financial services champion with a network spanning 40 countries in sub-Saharan Africa. Working together we will be developing local underwriting capability in new and existing lines of business and providing brokers and clients with more effective and efficient access to best in class specialty insurance solutions – in country.
Amit Khilosia, Regional Manager Africa for Lloyd’s said “Lloyd’s welcomes Old Mutual Specialty Insurance as a Lloyd’s cover holder. This is an exciting partnership which will enable a range of risks in Africa to be underwritten by the Lloyd’s specialist insurance market. Lloyd’s looks forward to working with Old Mutual Specialty Insurance, as we develop our Vision 2025 strategy and help support African insurance markets.”
Raimund Snyders, Chief Executive, Mutual & Federal said, “We’re proud to be investing in our local businesses to provide insurance solutions that increase corporate and investor confidence – working together to build Africa’s future.”