Old Mutual Insure announced the signing of a Share Purchase Agreement that will see it acquire 100 percent of Genric Insurance Company Limited.
Genric is a licensed non-life insurer that partners with and holds ordinary equity interests in a number of specialist underwriting management agencies, start-up businesses and insure-tech innovators.
This transaction brings Old Mutual Insure not only an ability to rapidly test and scale new product ideas but also access to a new customer base in accident and health, medical insurance, as well as other niche insurance such as value-added products, cash in transit, equine, marine, travel, taxi, heavy commercial vehicles, and shack insurance.
The acquisition is likely to enhance Old Mutual Insure’s customer service experience by including value-added services offerings (VAPs) offered by Genric, develop more innovative products, and give it access to new markets through low-cost products. Genric has demonstrated its ability to identify and incubate start-up businesses.
The Transaction is still subject to regulatory approvals, including Prudential Authority and Competition Commission approvals.