Old Mutual Namibia acquires Mutual & Federal

Old Mutual Holdings Namibia has acquired 100% shares of Mutual & Federal (Namibia). The latter has been renamed Old Mutual Short Term Insurance Company and will be led by Sakaria Nghikembua, former managing director at Mutual & Federal.

The Namibian company was, until then, held by Mutual & Federal Insurance Company of South Africa, itself held by Old Mutual Plc.

According to S. Nghikembua, the namibian activity, was mainly seen as an extension of the South African business. The new organisation aims to "transfer the ownership of the Namibian Non Life insurance business to the local level."