Structured Insurance
Old Mutual Structured Insurance (OMSI) offers a range of specialised services spanning the risk management arena. As industry leaders in this highly focused sector of the financial services arena, OMSI offers long-term insurance solutions and services such as:
In addition OMSI offers clients the benefit of:
- Cutting-edge industry knowledge that places us streets ahead of our competitors.
- Our ability and experience in constructing solutions for unique insurance needs.
- Our access to the Old Mutual Group’s employee benefit and asset management expertise.
- A full range of services from consulting to implementation and administration.
- The full backing of the Old Mutual Life Assurance Company South Africa’s (OMLACSA) balance sheet.
- The flexibility of the long-term cell captive capability of Old Mutual Alternative Risk Transfer (OMART) Limited.
- Co-ordination of ongoing interaction with other Old Mutual competencies by servicing the operation of the chosen structures.
Business Licenses
OMSI uses two long-term insurance licenses to conduct its business:
Old Mutual Life Assurance Company (OMLACSA)
The OMLACSA license is used solely by Old Mutual to facilitate its life assurance-based business investments.
Old Mutual Alternative Risk Transfer (OMART)
Through OMART we can offer corporate clients the ability to share in the risks and rewards resulting from the underwriting and investment decisions taken by Old Mutual.
OMART was specifically created as a response to evolving corporate needs and to provide tailored structured insurance packages through a cell captive arrangement.
Cell captive means that your company actually uses a portion (cell) of the Old Mutual license to conduct elements of your business. It enables your company to conduct long-term insurance business that would otherwise require you to register and administer an additional license.
Who should consider utilising OMART?
OMART cell captive functionality is ideal for corporates that:
- Provide life insurance to clients and members: use your cell to create an insurance policy to cover the life risks of your clients and share the underwriting profits of the business (independent intermediaries are prohibited from using this option).
- Self-insured institutions: benefit from access to insurance expertise and management infrastructure while you retain management of those risks you want to retain.
- Corporates with conventionally uninsurable risks: pre-fund your cell to insure against risks that do not qualify for conventional insurance.
- Convert your Paragraph C Benefit funds to a cell arrangement administered by OMART .