Mutual & Federal Management Changes


Mutual & Federal Management Changes

Old Mutual plc, the international savings and wealth management group, today
announces the appointment of Keith Kennedy as Managing Director of Mutual &
Federal Insurance Company Limited (“Mutual & Federal”), the South Africa-based
short-term insurer of which Old Mutual is a majority shareholder. Mr Kennedy
replaces current Managing Director Bruce Campbell with effect from 16 August

Bruce Campbell leaves after 34 years with Mutual & Federal, nine of which were
as Managing Director, to assume the new role of Executive Chairman at Alexander
Forbes. During his tenure, Mr Campbell led significant achievements at Mutual &
Federal including the implementation of successful empowerment transactions and
several key acquisitions including CGU (Commercial General Union), while
delivering consistently positive underwriting results and excellent returns for

Jim Sutcliffe, Chief Executive of Old Mutual plc, said:
“Over recent years, Mutual & Federal has maintained its position as one of the
leading general insurers in Southern Africa despite increased competition and
challenging trading conditions.  Bruce has encouraged a culture of discipline
and delivery, and has demonstrated considerable commitment to transformation. On
behalf of Old Mutual, I would like to extend my thanks to Bruce for his
dedication and commitment over the years and to wish him every success in the
“Keith's 24 years' experience in the general insurance industry and high regard
within the company and the industry make him the ideal candidate to take

Keith Kennedy said: 
“Bruce has laid an excellent foundation at Mutual & Federal and I'm fortunate to
succeed him.  Some of the key areas that I will immediately focus on will be
positioning our company to meet the insurance needs of the broader South African
market, making a commitment toIT development to improve operational efficiency
and become more innovative, and making Mutual & Federal one of the best
companies to work for.  With the industry currently in a downward cycle,
improving our underwriting profits also requires special attention. We will
continue to focus on broker relationships which are essential for success in our

Mutual & Federal also announces new executive appointments at the company. With
an increasing focus on people, Jeanett Modise is promoted to Executive General
Manager, still responsible for Human Resources and overseeing significant change
programmes. Graham Stavridis is to replace Mr Kennedy as Executive General
Manager, Claims division. The executive team has also been strengthened by the
appointment of Mokaedi Dilotsotlhe as General Manager, Marketing and Strategy. 

Chairman of Mutual & Federal, Jabu Magwaza, commented:
“One of the essential areas of focus for Mutual & Federal is the acceleration of
our transformation programme, and the appointment of Jeanett to the executive
management highlights how important our people and their development is going
forward. We also welcome Graham and Mokaedi, who both bring a wealth of
experience with them from Old Mutual SA.” 

Investor Relations		
Malcolm Bell	UK	
+44 (0)20 7002 7166

Deward Serfontein	SA	
+27 (0)21 509 8709
James Crampton	UK	
+44 (0)20 7002 7133

Nad Pillay	SA	
+27 (0)21 504 8026

Carol Dundas	SA: Mutual & Federal	
+27 (0)11 444 0650

Notes to editors

Keith Kennedy

Keith Kennedy joined Mutual & Federal in 2000 to head the Commercial Business
Division. In 2002 he was appointed Executive General Manager: Claims. He serves
on the Board of Nedinsurance Company Limited and is also alternate director at
the South African Insurance Association (SAIA). Prior to joining Mutual &
Federal, Kennedy spent seventeen years at Guardian National where he had an
illustrious career occupying senior positions in IT, Personal Lines business and
Underwriting, culminating in his appointment as Director of Operations.

Mutual & Federal

Mutual & Federal provides insurance services to the personal, commercial and
corporate markets in South Africa, Namibia, Botswana and Zimbabwe. 

Old Mutual owns 75% of Mutual & Federal Insurance Company Limited on a diluted
basis, after taking account of Mutual & Federal's BEE ownership transactions.
Mutual & Federal's shares are listed on the JSE.

Old Mutual plc

Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London, Johannesburg and
Stockholm stock exchanges, among others.

By conducting its business worldwide under its core values of integrity, respect
and accountability, Old Mutual aspires to push beyond boundaries to drive value
for all its stakeholders. 

In the year ended 31 December 2006, the group reported an increase in adjusted
operating profit of 16% to £1.4 billion (IFRS basis). Old Mutual had £249
billion of funds under management at 31 March 2007, and 53,000 employees.

For further information on Old Mutual plc, please visit its website at