The acquisition is expected to give Old Mutual Insure access to new customer base in health and medical insurance. Credit: Marcelo Leal on Unsplash.

South Africa-based Old Mutual Insure has signed a share purchase agreement to acquire Genric Insurance Company.

Under the terms of the agreement, Old Mutual Insure will buy 100% stake in the licensed non-life insurer.

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The transaction awaits regulatory approvals that include clearance by Prudential Authority and Competition Commission.

However, specifications such as purchase price have not been disclosed. 

Genric partners with and owns ordinary equity interests in a variety of specialist underwriting management agencies as well as insure-tech firms.

It also identifies and incubates start-up businesses.

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Following the acquisition, Genric – through its value-added service offerings – is expected to improve Old Mutual Insure’s customer services.

Additionally, the merger is likely to introduce innovative and low-cost products in new markets.

In a statement, Old Mutual Insure said: “This transaction brings Old Mutual Insure not only an ability to rapidly test and scale new product ideas but also access to a new customer base in accident and health, medical insurance, as well as other niche insurance such as value-added products, cash in transit, equine, marine, travel, taxi, heavy commercial vehicles, and shack insurance.”

In August this year, Old Mutual Insure chose insurance software solutions provider Sapiens International for a complete data and analytics solution. The firm implemented the Sapiens Intelligence platform to get an optimised insurance information hub that integrates all business units and product lines into one organisational view.