The oldest short term insurer in the country, Mutual and Federal, has officially changed its name to re-align itself with its holding company and hopefully increase its market share.
The company is now known as Old Mutual Insure, adopting the name of its mother company, Old Mutual.
Announcing the name change this week at Melrose Arch in Johannesburg, company chief executive Raimund Snyders said that the ethos of the insurer would remain the same and that the R40 million rebranding exercise would result in greater visibility and increased market share.
Snyders said the timing of the announcement coincided with the anniversary of the company, which was formed on March 14 1831 as South African Fire and Life Insurance Company.
Having gone through several name changes throughout the years, mostly because of being sold and bought, it is has since 2010 been a wholly owned subsidiary of Old Mutual and operates in a number of African states including Nigeria.
Speaking about the company’s ambitions, Snyders said that: “We want to be number one and number two in whatever market we are in.”