OLD MUTUAL INSURE LIMITED - Old Mutual Insure acquires ONE Financial Services

Old Mutual Insure acquires ONE Financial Services

OLD MUTUAL INSURE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1970/006619/06)
JSE alpha code: MFEI
(“Old Mutual Insure” or “OMI”)



Old Mutual Insure acquires ONE Financial Services


Old Mutual Insure, a wholly owned subsidiary of Old Mutual Limited has, on 3 January 2022,
concluded the acquisition of a 51% stake in ONE Financial Services Holdings Proprietary
Limited (“ONE Financial Services”), a financial services group which conducts short-term
insurance activities through Binder and Cell Shareholder Agreements as well as providing
insurance support services , technology and underwriting management agency activities, for
an initial purchase consideration of c.R500 million. An earn – out purchase consideration is also
payable, subject to certain performance targets being met.


ONE Financial Services, which was established in 1996, has grown into a group of companies
offering a wide range of niche and traditional insurance solutions and services as a cell captive
underwritten by Mutual & Federal Risk Finance (“MFRF”). MFRF is a wholly owned subsidiary of
OMI. ONE Financial Services’ book of clients is diversified across all major classes of business,
including Motor and Property, with group comprehensive income for the year ended 31
December 2020 of c.R33 million. ONE Financial Services also offers an integrated cloud-based
technology system called 1Web.


The transaction is in-line with OMI’s strategy to increase its market share and expand its
footprint through a well-managed and stable business. ONE Financial Services further
enhances OMI’s access to industry-leading technology and non-insurance revenue streams.




23 February 2022


Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 23-02-2022 04:15:00
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