A Brief History Of Mutual & Federal
It was on 14 March 1831 that the forerunner of Mutual & Federal - the South African Fire and Life Assurance Company – first opened its doors. After trading profitably for 64 years, South African Fire and Life was acquired by the London & Lancashire which, in turn, was absorbed by the Royal Group in 1962.
In the 1960s South Africa had become a republic and the government directed that all branches of foreign insurance companies operating in South Africa should be registered as South African companies and trade on the Johannesburg Stock Exchange. This conversion became known as the ‘domestication of foreign companies’. As a result, the Royal’s many companies in South Africa merged with Old Mutual’s short-term company, the SA Mutual Fire & General Insurance company, in 1970.
In order to be known as an overtly South African insurance company, a suitable name was needed. The Mutual part was easy, reflecting the Old Mutual’s involvement (The Old Mutual Group was established in South Africa in 1845). As the names ‘Royal’ or ‘London’ would reflect a British heritage, it was then decided to use the name ‘Federal’, from the Federal Insurance Corporation.
And so the Mutual & Federal Insurance Company was born and the rest – as they say – is history!
Mutual & Federal today
In 1998, Mutual & Federal purchased 41% of the equity of the Royal Group in Zimbabwe, and Old Mutual purchased the remaining 49%. In February 2010, Mutual & Federal became a wholly owned subsidiary of the Old Mutual Group. It was also in 2010 that we penetrated the direct insurance market for the first time, with the launch of iWYZE valuables insurance.
Today, Mutual & Federal is one of the leading players in southern Africa’s short-term insurance landscape, providing insurance services to personal, commercial and corporate clients in South Africa, Namibia, Botswana and Zimbabwe through RM Insurance Company Limited.
To find out more about how we can meet your insurance needs, call 0860 63 43 57
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