Tough Market Conditions force Mutual & Federal to end sale - 02 Sep 2009 19:45
Old Mutual plc competitive sale process of leading insurer Mutual & Federal has been cancelled due to difficult global economic conditions.
The disposal of Mutual & Federal was initiated in August last year, generating a high level of interest and reaching an advanced stage in November.
Old Mutual gives the assurance that it will be business as usual in Mutual & Federal, "We expect 2009 to be a year where the focus is on the core business of underwriting quality insurance risks with intermediary partners." Says Keith Kenned, Mutual & Federal MD.
"We have worked hard to correct poorly performing books of business and have also completed a significant restructure whereby we moved to a new operating model that allows us to provide better products and service to brokers and their customers at more competitive rates."
"We are pleased that we can now remove this uncertainty and move ahead. Old Mutual has assured us that it will be business as usual at Mutual & Federal and that any further exploration of a sale has been terminated."
Old Mutual plc competitive sale process of leading insurer Mutual & Federal has been cancelled due to difficult global economic conditions.
The disposal of Mutual & Federal was initiated in August last year, generating a high level of interest and reaching an advanced stage in November.
Old Mutual gives the assurance that it will be business as usual in Mutual & Federal, "We expect 2009 to be a year where the focus is on the core business of underwriting quality insurance risks with intermediary partners." Says Keith Kenned, Mutual & Federal MD.
"We have worked hard to correct poorly performing books of business and have also completed a significant restructure whereby we moved to a new operating model that allows us to provide better products and service to brokers and their customers at more competitive rates."
"We are pleased that we can now remove this uncertainty and move ahead. Old Mutual has assured us that it will be business as usual at Mutual & Federal and that any further exploration of a sale has been terminated."