A piece of long-ago history has come out of the woodwork as Old Mutual gears up to split itself into two new listed vehicles later in 2018, with two US companies lodging a claim against it in a New York court relating to US assets Old Mutual sold eight years ago. The claim, by The Travelers Companies and St Paul Fire and Marine Insurance, is understood to relate to Baltimore-based Fidelity & Guarantee Life, which Old Mutual bought in 2001 from St Paul, which was a predecessor of Travelers, and then sold in 2011 to Harbinger Capital. Old Mutual said on Tuesday that it believed the US action was "without merit and we will resist accordingly". The claim comes as Old Mutual gears up to present what could be its last set of full-year results on Thursday, before it separates itself into two new listed companies: its SA and emerging-markets businesses, housed in Old Mutual Ltd, which will have its primary listing in Johannesburg, and its UK wealth-management business, Quilter, with a prima...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.