HARARE - RM Insurance has rebranded to Old Mutual Insurance Company (Private) Limited as part of efforts to align the firm with its parent company Old Mutual Zimbabwe (Old Mutual).
RM Insurance, one of Zimbabwe’s leading short-term insurance companies, insures commercial and industrial businesses, construction and civil engineering works, vehicles, residential structures and personal possessions.
It provides insurance solutions to the insuring public, commercial, industrial and corporate entities.
“The decision to rebrand was backed by feedback from customers who found it easy to associate RM Insurance with the main Old Mutual brand,” said Jonas Mushosho, the Old Mutual group chief executive.
“It also made business sense for us to rebrand our short-term insurance business because this would affirm Old Mutual’s position as Zimbabwe’s leading integrated financial services group,” he said.
Mushosho noted that in the rebranding exercise, the company ensured that all changes were made in full cognisance Old Mutual’s rich heritage.
“Without doubt, Old Mutual is an organisation with firm stability and one that has stood through various tests and trials throughout the years.
“In these trying times, we have remained focused on effectively delivering our mandate to be our customers’ most trusted partner, passionate about helping them achieve their lifetime financial goals.
Although our insurance company has changed names, this mandate has and will remain constant,” he added.
Old Mutual Insurance Company managing director, Donald Muthe noted that the company increased its gross premiums written (GWP) to $28,4 million last year from $6 million in 2009.
Underwriting profit grew to $3,43 million from zero while profit before tax went up to $7,8 million from $1 million.
It’s market share also increased to 13,5 percent from 7,8 percent and market position from number six to one.
The company’s shareholders funds grew to $19,5 million last year from $4 million in 2009 and the balance sheet from $10 million to $32 million.