Old Mutual Insure ‘ One Financial Services

Expands footprint, technological capability, and non-insurance revenue streams

Old Mutual Insure (OM Insure) has acquired a 51% stake in ONE Financial Services Holdings Proprietary Limited (ONE Financial Services), a South African short-term insurance service provider.

“This transaction supports our strategic ambitions of growing our business, strengthening our distribution capabilities and non-insurance revenue streams,” says Garth Napier, MD of OM Insure. 

While ONE Financial Services has been operating as an underwriting management agency for Mutual & Federal Risk Financing Limited (MFRF) - wholly owned by OM Insure - for some time already, ONE Financial Services has, since, 1996, grown into a group of companies offering a wide range of niche and traditional insurance solutions and services. 

“Working with ONE Financial Services has enabled MFRF to provide world-class cell captive solutions to affinity businesses and underwriting managing agents including innovative start–ups, InsurTech and Fintech companies. It’s suite of offerings include an integrated cloud-based technology system called 1Web, and we are excited that this transaction allows us access to this industry-leading technology platform,” says Karen Naidoo, MD at MFRF. 

She says that the platform will allow the business to “deliver more agile onboarding and servicing capabilities while empowering OM Insure’s partner network - ranging from intermediaries to other underwriting management agencies – with quicker turnaround times and greater ability to manage policies and serve clients.”  

Naidoo adds that the strong and innovative culture fit, value-based approach to growth, shared products and distribution channels, and similar customer value propositions as well as access to alternative markets, also enhanced the strategic fit. 

“In short, this acquisition will equip OM Insure to offer new products to clients, consumers and brokers through product, service and system innovation. At the same time, OM Insure, as South Africa’s third largest non-life insurer, will enrich the ONE Financial Services platform with a wealth of industry and institutional knowledge founded on over 187 years of insurance experience,” says Napier. 

Andrew Harvey, Chief Executive Officer of ONE Financial Services, says OM Insure is perfectly matched to ONE Financial Services as it embarks on the next phase of its growth journey.

“OM Insure, having governed our cell captive, is well known to ONE Financial Services. It is the ideal shareholder and partner to ensure we continue to grow by providing exceptional outcomes for our customers and stakeholders.”  

ONE Financial Services’ client book is diversified across all major business classes, including Motor and Property. As such, the acquisition also presents One Financial Services a powerful opportunity to significantly expand market share through cross selling.

“We look forward to growing this dynamic and innovative business together with the ONE Financial Services management team,” concludes Napier.