Old Mutual Insure and Swiss Re Corporate Solutions have proposed a strategic partnership that could strengthen South Africa’s corporate property insurance market by combining local expertise with global capabilities.
Source: Old Mutual Insure.
Subject to regulatory approval, Swiss Re Corporate Solutions’ South African insurance portfolio will transfer to Old Mutual Insure, expanding its corporate property business and specialist underwriting capabilities.
Old Mutual Insure would become the local insurer of record, taking responsibility for underwriting, pricing and client and broker relationships.
The proposed co-operation is more than just a portfolio transfer. It combines Old Mutual Insure’s strong local market presence, deep broker and client relationships and underwriting capabilities with Swiss Re Corporate Solutions’ global technical expertise, international network and International Programs platform.
Swiss Re Corporate Solutions would continue to support the agreed model through technical expertise and its International Programs capabilities. Old Mutual Insure would also become Swiss Re Corporate Solutions’ local network partner for International Programs in South Africa, supporting South African corporates and multinational companies with operations in the country.
Ensuring a smooth transition
As part of the proposed arrangement, employees in Swiss Re Corporate Solutions’ South African business are going to join Old Mutual Insure, subject to regulatory approvals, as well as the final terms of the transaction. The organisations are committed to managing the proposed transition carefully, with a focus on service continuity for clients and brokers and appropriate support for employees.
Jonathan Oladeji and Chioma Okoro 30 Sep 2026 Swiss Re Corporate Solutions is the direct insurance arm of Swiss Re group, one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer. Headquartered in Zurich, Switzerland, the group operates through a network of around 70 offices globally – including South Africa. This co-operation does not impact the group's established property & casualty reinsurance business in South Africa.
Strategic growth opportunity
Soul Abraham, chief executive officer of Old Mutual Insure, said: “This is an incredibly exciting moment for Old Mutual Insure and a significant milestone in our growth journey. We have worked hard over the past few years to strengthen our business, and this proposed relationship represents exactly the kind of opportunity we want to pursue as we enter our next phase of growth.
"We are delighted to be co-operating with Swiss Re Corporate Solutions, an organisation with exceptional global expertise, technical capability and international reach.
"What excites me most is what we can build together. By combining Swiss Re’s global capabilities and international network with Old Mutual Insure’s strong local presence, underwriting expertise and deep broker relationships, we have a tremendous opportunity to strengthen our corporate property offering and bring even greater value to clients and brokers.
"For us, this is much more than a portfolio transfer. It is about building a long-term strategic relationship, developing specialist capabilities and creating a compelling platform for sustainable growth. Subject to the required approvals, we look forward to welcoming our new colleagues and working together to build something truly valuable for the South African insurance market.”
Building long-term growth
Ivan Gonzalez, chief executive officer of Swiss Re Corporate Solutions, said, “We firmly believe that this co-operation will help us better support our clients and brokers in South Africa.
"The combination of Old Mutual Insure's local distribution network and market knowledge with our International Programs capabilities and capital strength creates a scalable model for us to grow long-term in this attractive market.”
