Mutual & Federal becomes Old Mutual Insure from June
CEO Raimund Snyders says the cost of the M&F rebrand is ‘irrelevant’ in comparison to the value that will be extracted as a result
Mutual & Federal (M&F), the short-term insurance arm of Old Mutual, will rebrand as Old Mutual Insure come June, says CEO Raimund Snyders, parting ways with a 47-year old brand. "This will position M&F as a core part of Old Mutual’s proposition to customers and group strategy on the continent," Snyders said on Tuesday. The short-term insurance business would remain intact with no shift in strategy, he said. It would now deliver under the Old Mutual banner. The announcement comes as Old Mutual is in the throes of a group split involving the break-up of its four main businesses. Old Mutual Emerging Markets (OMEM) will list on the JSE and maintain a minority stake in Nedbank, as Old Mutual unbundles its controlling stake in the bank to investors. The London-based wealth unit will be separately listed and Old Mutual will sell down its stake in its US asset-management business. Old Mutual Insure will remain a part of OMEM, leveraging the group’s footprint on the African continent to sell...
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