Old Mutual Insure acquires Genric Insurance Company to expand its customer base

SOUTH AFRICA – Old Mutual Insure (OM Insure), a subsidiary of Old Mutual Limited, has announced that it has signed a share purchase agreement that will see it acquiring 100% of Genric Insurance Company Limited. Based in Gauteng, Genric Insurance Company is a licensed non-life and specialist insurer focused on bringing innovative and niche insurance solutions to market. The transaction,…

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Barclays offloads 7.4% stake in former African unit Absa

SOUTH AFRICA – UK-headquartered Barclays has sold a 7.4% stake in former African unit Absa for R10.5 billion (US$ 0.67bn), cutting its holding by half. The sale was conducted through an accelerated book-build process which involves inviting investors to purchase shares usually in a short period (within 48 hours or less). Barclays will now own 63 million shares, or 7.4%,…

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SDG Fund approves US$45m renewable energy program for Zimbabwe

ZIMBABWE – The United Nations SDG-Fund has approved Zimbabwe’s US$45 million programmes on catalysing investments in Renewable Energy (RE) for the acceleration of the attainment of the Sustainable Development Goals (SDGs) in the country. The UN SDG-Fund is contributing US$10 million to the programme whilst the Government of Zimbabwe through the Infrastructure Development Bank of Zimbabwe (IDBZ) and local partners…

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Ecobank partners five insurance companies to support its SMEs customers

TOGO – Ecobank Group’s Commercial Banking business has partnered with five insurance companies to offer a range of Bancassurance solutions to its Small and Medium-sized Enterprise (SME) customers across markets where Ecobank operates. OLD MUTUAL, ALLIANZ, SUNU, SANLAM & NSIA will offer Commercial Asset Insurance, Engineering insurance, Marine & Cargo insurance, Key Man insurance, Motor fleet Business Travel insurance, in…

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Old Mutual to install solar power plant at its Harare headquarters

ZIMBABWE – Old Mutual Life Assurance Company Zimbabwe, the subsidiary of the insurance company Old Mutual, is planning to install a 648 kWp solar power plant at its headquarters in Harare. The solar photovoltaic system will be connected to the Zimbabwean national electricity grid. Faced with load shedding in Zimbabwe, many companies are turning to self-consumption and this is the…

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Old Mutual buys major stake in the 5MWp Rosh Pinar solar power plant in Namibia

NAMIBIA – Old Mutual Investment Group Namibia, has acquired a majority stake in Aloe Investments Number Twenty-Seven, the project company that owns and operates the 5MWp Rosh Pinah solar power plant in Namibia. These shares were previously held by the Spanish company AEE Power Ventures. The value of shares bought by Old Mutual was not disclosed. The plant, which has…

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Kenya’s UAP Holdings and Old Mutual to merge their life assurance divisions

KENYA – Financial services group UAP Holdings Limited (UAPH) has announced plans to merge its life insurance business with the life insurance business of Old Mutual Life Assurance Company Limited (OMLAC). The Group’s company secretary Nkirote Mworia Njiru through a statement said the move is part of an internal restructuring of the UAP old Mutual Group where UAP Holdings will…

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Old Mutual appoints Iain Williamson as its permanent Chief Executive Officer

SOUTH AFRICA – Financial services firm Old Mutual Ltd has announced the appointment of acting chief executive officer Iain Williamson as its permanent head. The move ends more than a year of uncertainty over who will lead one of South Africa’s biggest insurers following the suspension and subsequent sacking of former CEO Peter Moyo in June 2019 after a conflict…

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Old Mutual’s agricultural fund advisor invests in Malawian agribusiness firm

MALAWI – South African based, United Farmers Fund (UFF) Agri Asset Management, the agricultural fund advisor within the Old Mutual Investment Group has invested in Malawian farming business, Jacoma Estates and its subsidiary. Jacoma Estates is the parent company of Tropha Estates, an agribusiness in Northern Malawi developing over 1,000 hectares of irrigated macadamia and annual crops. The company is focused…

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Old Mutual director Nombulelo Moholi resigns

SOUTH AFRICA – Old Mutual’s non-executive director, Nombulelo Moholi, has resigned from Board of the insurer’s South African-based subsidiary Old Mutual Life Assurance Company with immediate effect, according to an announcement In an apparent blow to chairman Trevor Manual, Moholi, who chaired the remuneration committee, said she resigned for personal reasons. Old Mutual, in a statement on the Stock Exchange…

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