OMI keeps distribution deal as Old Mutual exits LatAm

By Kirsten Hastings, 16 Mar 18

South Africa-headquartered Old Mutual is selling all of its businesses in Latin America to a Singapore-based firm but has confirmed that Old Mutual International will continue its long-standing relationship with regional distributor Aiva.

Singapore acquisition

The acquirer has been named as Singapore-based holding company China Minsheng (CMIG) International.

Parent company CMIG was founded in 2014 by 59 private companies and is headquartered in Shanghai.

The international arm is working to become a major global insurance investment group.

In Europe and in the US, it plans to form a business portfolio consisting of reinsurance, special insurance and property insurance.

In Asia, it plans to build a business portfolio consisting of reinsurance, life insurance, property insurance and internet insurance.

There is no reference to Latin America on CMIG International’s website, indicating that the Old Mutual acquisition is the first purchase the firm has made in the region.