An appetite for acquisition

Insurance M&A

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Way back in 1999, Old Mutual had something of a problem. It was one of South Africa's biggest financial services providers. It had the largest life insurance operation in the country, and the second-largest general insurance business. But it didn't know how to grow. As John Deane, corporate development director at the company, puts it: "With such a market share in the country, very significant growth and development became difficult."

So the 150-year-old mutual decided to demutualise and star