XL Catlin’s venture fund, XL Innovate, committed $4 million in first-round financing to Stonestep, a property/casualty insurtech startup looking to streamline how microinsurance is sold in emerging markets. The Series A funding is designed to help Stonestep grow in the …
A push by Kenyan regulators to clean up the East African country’s insurance industry is poised to trigger stake sales or exits by underwriters unable to meet the new capital requirements, according to an industry group. Most companies missed a …
Ironshore’s Pembroke Managing Agency Ltd. has entered into a management agreement with Old Mutual Group to underwrite select specialty lines for African risks. Pembroke’s Lloyd’s Syndicate 4000 partners with Old Mutual Specialty Insurance, to offer coverage for multiple property, casualty …
Old Mutual Plc plans to split into four units as Chief Executive Officer Bruce Hemphill breaks up the U.K. financial services company to reverse years of flagging returns. The insurer will spin off its controlling stake in South African lender …
Old Mutual Plc, the U.K.-based financial services firm that is Africa’s largest insurer, climbed on speculation that it is considering a breakup of businesses as part of a strategic review. The company rose as much as 12 percent in London, …
Equity portfolios may lose as much as 45 percent of their value due to shifting investor sentiment about climate change, according to a report by. Investors are becoming more aware of the short-term impact that the warming planet may have …
Old Mutual plc, the London-based insurer, said first-quarter sales gained 18 percent as revenue from operations in Africa jumped by a third. Gross sales increased to 7.3 billion pounds ($11.5 billion), from 6.3 billion pounds a year earlier, Old Mutual …
Old Mutual plc’s Julian Roberts is stepping down as chief executive officer of Africa’s biggest insurer and will be replaced by Standard Bank Group Ltd.’s Bruce Hemphill. Roberts, 57, is resigning after almost seven years leading the London-based company, and …
Old Mutual plc, Africa’s biggest insurer, said 2014 profit fell after the average rate of the South African rand weakened 18 percent against the pound. Net income from continuing operations declined to 902 million pounds ($1.39 billion) from 980 million …
Old Mutual plc, which earmarked 4.3 billion rand ($374 million) for acquisitions in Africa, increased its stake in Kenya’s UAP Holdings Ltd., meaning that the insurer has now spent more than half of that war chest. Old Mutual, which is …
