Old Mutual Insure Proposes Swiss Re Portfolio Deal
Old Mutual Insure would take over Swiss Re Corporate Solutions' South African insurance portfolio, subject to regulatory approvals.
Updated on Nov. 5, 2026 in Insurance
Old Mutual Insure and Swiss Re Corporate Solutions have announced a proposed cooperation that would transfer Swiss Re's South African insurance portfolio to Old Mutual Insure. Employees in Swiss Re Corporate Solutions' South African business are expected to join Old Mutual Insure, subject to approvals and final transaction terms.
Why it matters
The arrangement would make Old Mutual Insure the local insurer and insurer of record for the transferred corporate property business, while Swiss Re continues to supply technical expertise. It shows how global reinsurers and insurers are structuring local partnerships in South Africa's corporate insurance market.
The announcement is a proposed cooperation rather than a completed sale, and no premium volumes or transaction values were published. Financial terms remain undisclosed and the transfer is still subject to regulatory approvals.
The players
Old Mutual Insure
Old Mutual Insure is the South African short-term insurance arm of the Old Mutual group, which offers personal and commercial insurance products across the country.
Swiss Re Corporate Solutions
Swiss Re Corporate Solutions is the commercial insurance business of the Swiss Re Group, a global reinsurance and insurance company headquartered in Zurich.
The details
Under the proposal, the transferred business would join Old Mutual Insure's corporate property portfolio, with Old Mutual Insure taking responsibility for underwriting, pricing, and client and broker relationships. Swiss Re Corporate Solutions would continue to provide technical expertise and International Programs capabilities, and Old Mutual Insure would become the local network partner for International Programs in South Africa. The arrangement does not affect Swiss Re Group's property and casualty reinsurance business in South Africa.
Timeline
5 November 2026: Announcement of the proposed cooperation published.
Market Dynamics
Transfers of insurance portfolios between local insurers and global groups must clear regulatory approval under South Africa's Insurance Act 18 of 2017, which governs licensing and the transfer of insurance business. The Old Mutual and Swiss Re arrangement follows this route, with local insurance operations taking over corporate property underwriting while the global reinsurer remains a technical partner.
For corporate clients and brokers, the main practical change would be that Old Mutual Insure becomes the insurer of record and handles underwriting, pricing and day-to-day account relationships for the transferred portfolio. Brokers and policyholders should expect to deal with Old Mutual Insure directly once the transaction is completed and approved.
The takeaway
Local insurers are increasingly taking over the day-to-day underwriting of portfolios that global groups still support technically, so corporate clients should check who will be their insurer of record and who handles claims and pricing before any transfer completes.
Further reading
For more on how local insurers are reshaping their corporate books, see Insurance coverage on Wisevoter.
