Divestitures
Swiss Re Corporate Solutions to hand South African insurance portfolio to Old Mutual Insure
By News Desk ·
Key takeaways
- Swiss Re Corporate Solutions agreed to transfer its South African insurance portfolio to Old Mutual Insure, subject to regulatory approvals.
- Old Mutual Insure would become insurer of record for the transferred business, handling underwriting, pricing and local client and broker relationships.
- Old Mutual Insure would also become Swiss Re Corporate Solutions' local network partner for International Programs in South Africa.
- Employees in Swiss Re Corporate Solutions' South African business will join Old Mutual Insure, subject to regulatory approvals and final terms.
Swiss Re Corporate Solutions has agreed to transfer its South African insurance portfolio to Old Mutual Insure, with the arrangement subject to applicable regulatory approvals and completion of the agreed transaction steps. ReinsuranceNe.ws reported the partnership on November 5, 2026. Swiss Re Corporate Solutions is the direct insurance arm of Swiss Re Group. Old Mutual Insure is the South African insurer taking on the portfolio.
How the Old Mutual Insure Transfer Works
Under the arrangement, the portfolio will form part of Old Mutual Insure's corporate property portfolio. Following completion, Old Mutual Insure would become the local insurer and insurer of record for the transferred business, with responsibility for underwriting, pricing, and ongoing local client and broker relationships. Swiss Re Corporate Solutions would continue to support the agreed model through technical expertise and its International Programs capabilities.
Old Mutual Insure would also become Swiss Re Corporate Solutions' local network partner for International Programs in South Africa, supporting South African corporates and multinational companies with operations in the country. Employees in Swiss Re Corporate Solutions' South African business will join Old Mutual Insure, subject to regulatory approvals and the final terms of the transaction.
Soul Abraham, Chief Executive Officer of Old Mutual Insure, said: "This is an incredibly exciting moment for Old Mutual Insure and a significant milestone in our growth journey." Ivan Gonzalez, CEO of Swiss Re Corporate Solutions, said the combination of Old Mutual Insure's local distribution network and market knowledge with Swiss Re's International Programs capabilities and capital strength "creates a scalable model for us to grow long-term in this attractive market." In August 2026, BusinessLIVE reported that Abraham had outlined a growth strategy using artificial intelligence to improve broker efficiency and expand market share in South Africa.
Swiss Re Corporate Solutions' Deal Record
According to akta.pro company records, Swiss Re Corporate Solutions agreed in February 2026 to acquire QBE Insurance Group's Global Trade Credit and Surety business across Australia, New Zealand and the UK, projected to add approximately USD 200 million in annual revenues. The same records describe the company as underwriting property, casualty, specialty and parametric insurance for large and multinational corporations across 150+ countries via broker distribution and the PULSE international programs platform.
Earlier Swiss Re Corporate Solutions Moves
In August 2026, Swiss Re Corporate Solutions announced it would transfer its direct commercial insurance portfolio in Mexico to GNP Seguros as part of a long-term strategic collaboration, Reforma reported. That same month, Bajaj General Insurance and Swiss Re Corporate Solutions signed a memorandum of understanding to explore a commercial insurance partnership in India, The Tribune reported. In September 2026, QBE completed the sale of its Global Trade Credit and Surety unit to Swiss Re Corporate Solutions, transferring operations across Australia, New Zealand and the UK, ReinsuranceNe.ws reported.