OLD MUTUAL INSURE LIMITED - Old Mutual Insure acquires specialist insurer Genric

Old Mutual Insure acquires specialist insurer Genric

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

Old Mutual Insure acquires specialist insurer Genric

Old Mutual Insure is pleased to announce the signing of a Share Purchase Agreement that will see Old Mutual
Insure acquire 100% of Genric Insurance Company Limited (Genric). Genric is a licensed non-life insurer that
partners with and holds ordinary equity interests in a number of specialist underwriting management agencies,
start-up businesses and insure-tech innovators.

This transaction brings Old Mutual Insure not only an ability to rapidly test and scale new product ideas but also
access to a new customer base in accident and health, medical insurance, as well as other niche insurance such
as value-added products, cash in transit, equine, marine, travel, taxi, heavy commercial vehicles, and shack
insurance.

The acquisition is likely to enhance Old Mutual Insure’s customer service experience by including value-added
services offerings (VAPs) offered by Genric, develop more innovative products, and give it access to new markets
through low-cost products. Genric has demonstrated its ability to identify and incubate start-up businesses.

The Transaction is still subject to regulatory approvals, including Prudential Authority and Competition
Commission approvals.


5 September 2022

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

Date: 05-09-2022 11:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.