BusinessInsurance Sponsorship

Mutual & Federal rebranding to Old Mutual

After extensive research and engagement with employees, brokers, advisers and customers, Mutual & Federal received regulatory and other approvals to change its brand to Old Mutual Insure. This will take effect from 5 June 2017.

The rebrand will support the Old Mutual group’s vision to become a fully integrated financial services provider, making it easier and more convenient for customers across the continent.

“Our customer value propositions will be integrated across the banking, insurance, savings and risk needs of our customers. This creates opportunity for Mutual & Federal to further unlock the value that sits in the Old Mutual customer base, its brand and distribution channels. The rebranding does not take away from our core capability of offering specialised short-term insurance expertise. It is an exciting time for us and for all our stakeholders to do great things for our customers,” says Raimund Snyders, Chief Executive Officer of Mutual & Federal.

Context of the rebranding

Our history and our future

This is the story of a company that has been part of the South African landscape since 1831. A 186-year-old business that has moved with the times, changing and metamorphosing to become recognised as South Africa’s most trusted short-term insurance company.

We’ve had many names and logos along our illustrious journey.

The forerunner of Mutual & Federal, the South African Fire and Life Assurance Company in Cape Town opened its doors on14 March1831. After trading profitably for 64 years, South African Fire and Life, was acquired by the London & Lancashire which, in turn, was absorbed by the Royal Group in 1962.

In the 1960s South Africa had become a republic and the government directed that all branches of foreign insurance companies operating in South Africa should be registered as South African companies and trade on the Johannesburg Stock Exchange. This conversion became known as the ‘domestication of foreign companies’. As a result, the Royal’s many companies in South Africa merged with Old Mutual’s short-term company, the SA Mutual Fire & General Insurance company, in 1970.

To be known as an overtly South African insurance company, a suitable name was needed. The Mutual part was easy, reflecting Old Mutual’s involvement (The Old Mutual Group was established in South Africa in 1845). As the names ‘Royal’ or ‘London’ would reflect a British heritage, it was then decided to use the name ‘Federal’, from the Federal Insurance Corporation.

And so the Mutual & Federal Insurance Company was born and the rest – as they say – is history!

In 2010, Old Mutual acquired the remaining shares of Mutual & Federal from the Royal Insurance Company and thus M&F became wholly owned by Old Mutual.

In our 2011-rebrand with our ampersand design, we continued to embrace change, because change leads to new ways of thinking and doing business.

This year, we are rebranding again to Old Mutual Insure to make the relationship with our parent company, Old Mutual plc, more explicit. The timing of the rebranding is perfect, it ensures that we will be part of the Old Mutual listing back in South Africa in 2018.

Throughout our history, we’ve been there to support South Africans in their time of need… turning setbacks into comebacks. It’s our heritage, our South African-ness that we can proudly celebrate. And it’s this positive attitude we take forward into the next chapter of our story.
⦁ What will remain the same and what will change

Our legal status, registration number (1970/06619/06) and registered financial service provider number (FSP 12) will not change.

All existing contracts concluded under the name Mutual & Federal Insurance Company Limited will remain valid.

We will write to all customers with a Mutual & Federal policy by the end of April, either through their intermediary or directly, to confirm the name change and to reassure them that the name change will not affect their insurance contract, as set out in the latest version of their policy wordings and schedule, or the way that their policies are being administered. Our new contact details will be included in the customer communication.

The planned launch date is 5 June 2017. From this date, the new name and brand will be reflected in all communication with stakeholders.

On-platform new policies and any mid-term adjustments to policies will reflect the new name and brand from June. Our existing policy schedules and policy wordings will be rebranded as and when they come up for renewal. Doing it in this way will be most cost-effective and will have the least impact on our systems.

This includes all policies that Mutual & Federal underwrites, including the Old Mutual iWYZE policies.

For the Group Schemes (off-platform) and UMAs, it is expected that the change will take a maximum period of 24 months to be completed because internal processes and system changes will require additional time.

Old Mutual Insure will remain the short-term insurance expert within the Old Mutual Group.

Mutual & Federal Risk Finance (MFRF) is out of scope for this change until strategic decisions are made on the way forward for this business.

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