Old Mutual Insure acquires GENRIC Insurance Company

GENRIC Insurance Company Limited is now a 100% owned subsidiary of Old Mutual Insure, effective 6 January 2023, following all required regulatory approvals, including Prudential Authority and Competition Commission approvals.

Since commencing operations in 2005, GENRIC has built up an enviable position as a specialist insurer, partnering with Underwriting Management Agencies (UMAs), brokers and insuretech start-ups to bring niche insurance solutions to underserved markets.

MC du Toit, CEO of GENRIC Insurance Company Limited adds: “The backing of a partner such as Old Mutual Insure brings enormous opportunity for our business and our partners. GENRIC’s agility in finding solutions to rapidly evolving market demands through niche insurance solutions was a key factor in OMI’s decision to unlock synergies between our respective business models. GENRIC will remain a standalone Insurer post-acquisition, to continue with the same recipe, but on a larger scale with the backing and support of Old Mutual Insure.

“We are excited at the prospects that the deal brings for rapid scale and expansion at a time when insurance consumers need specialised solutions for new and emerging risks in a rapidly changing world. The backing of an insurance giant like OMI brings enormous scope for accelerated innovation, bringing together the best of risk mitigation, tech solutions, people and insurance distribution,” concludes du Toit.

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GENRIC Insurance Company (Pty) Ltd is an Authorised Financial Services Provider (FSP 43638) and licensed non-life insurer.