• Tue. Apr 23rd, 2024

Old Mutual seeks to acquire Marsh Zimbabwe

ByEconomic Times

Feb 28, 2023

By ETimes

Zimbabwe’s premier insurance provider, Old Mutual Zimbabwe has approached the Competition Tariff Commission seeking to merge with Marsh Zimbabwe.

Both firms are in the financial and insurance sector, and Old Mutual seeks to bank on the client base of Marsh in the country.

However, Marsh exited Zimbabwe market in 2021 through selling its shareholding to its shareholders but continues to serve the market through special arrangements.

“Marsh has had a long involvement in Zimbabwe and it is a business which has continued to thrive in challenging circumstances. As part of the repositioning of the Marsh Africa business, Marsh has sold its shares to the existing Shareholders,” the company said.

However, Marsh said it will continue to provide services to its customers through an affiliate broker. Currently, Bright Insurance Brokers is the exclusive correspondent broker for Marsh in Zimbabwe.

“We will continue to be involved in Zimbabwe through a correspondent broker (Bright Insurance) relationship. We are confident that this change will not impact our clients who will continue to receive the same excellent service as they have become accustomed to,” the company added.

Bright Insurance says, “Our professional, qualified, skilled and experienced personnel helps you to define, design and deliver appropriate insurance and risk programmes to suit your business requirements in order to make your business more successful.”

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Old Mutual Zimbabwe is an insurance, long-term savings, life protection and investment company that offers employee benefits, preservation, pension fund, group life assurance, annuity, and medical aid products for businesses; and life cover, retirement, disability and accident cover for individuals, as well as estate planning and will solutions.

It operates in the emerging market sector as well as the formal banking, asset management, retirement planning and actuarial sector. Old Mutual Zimbabwe engages in property development and management through its Old Mutual Property division.

The company is a subsidiary of Old Mutual, an international investment, savings, insurance and banking group that was established in South Africa 1845 as a mutual insurance company – Harare

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