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Johannesburg - The country's second biggest short-term insurer, Mutual & Federal, has announced the appointment of Peter Todd as its new managing director.
Todd will take over the leadership from outgoing managing director Keith Kennedy on 1 February 2011.
"I am delighted with the appointment of a new CEO of Peter's calibre," says Kennedy. "I have absolute confidence that he has the right credentials to lead Mutual & Federal to new heights. He also has the support of an experienced and capable executive team."
Todd, 41, has an extensive industry network and strong working relationships with the brokerages, a distinct advantage considering that broker relationships account for over 95% of business at Mutual & Federal.
He also boasts over 15 years of solid financial services industry experience, both in South Africa and abroad, having held a variety of top positions, most recently as Distribution head for ABSA Financial Services and Managing Director for ABSA Insurance and Financial Advisers, where he led a sales team of over 2 600 people and was instrumental in launching a training and development academy.
With a BCom in Accounting and a Law degree (LLB), both from the University of Cape Town, Todd has also worked at Alexander Forbes, PSG Investment Bank and AIG.
"I believe the greatest contribution I bring to this role is my enthusiasm and passion for the short-term insurance industry, and my belief in the vital role Mutual & Federal has to play in a sector that is so important to the South African economy," says Todd.
"My first-hand experience of the different strategies being adopted by insurers will enable me to contribute significantly to the implementation of the growth strategy at Mutual & Federal."
In July this year, outgoing MD, Kennedy, announced his intention to take early retirement to allow the new MD to take ownership of the three-to-five year strategic step change programme that was devised following Old Mutual's acquisition of the minority shareholdings in Mutual & Federal.
Mutual & Federal Chairperson JB Magwaza believes that Kennedy built a strong foundation and directly contributed to the short-term insurer's accomplishments. He says: "I wish to thank Keith for the role he played during the difficult transitional phase of the last few years."
Kennedy concludes, "I would like to thank all Mutual & Federal staff for their commitment and dedication over the last few years. I have built strong relationships in the industry over the last 27 years and have every intention of continuing to add value to the industry associations in a non-executive capacity into the future."
Mutual & Federal is a member of the Old Mutual [JSE:OML].
Todd will take over the leadership from outgoing managing director Keith Kennedy on 1 February 2011.
"I am delighted with the appointment of a new CEO of Peter's calibre," says Kennedy. "I have absolute confidence that he has the right credentials to lead Mutual & Federal to new heights. He also has the support of an experienced and capable executive team."
Todd, 41, has an extensive industry network and strong working relationships with the brokerages, a distinct advantage considering that broker relationships account for over 95% of business at Mutual & Federal.
He also boasts over 15 years of solid financial services industry experience, both in South Africa and abroad, having held a variety of top positions, most recently as Distribution head for ABSA Financial Services and Managing Director for ABSA Insurance and Financial Advisers, where he led a sales team of over 2 600 people and was instrumental in launching a training and development academy.
With a BCom in Accounting and a Law degree (LLB), both from the University of Cape Town, Todd has also worked at Alexander Forbes, PSG Investment Bank and AIG.
"I believe the greatest contribution I bring to this role is my enthusiasm and passion for the short-term insurance industry, and my belief in the vital role Mutual & Federal has to play in a sector that is so important to the South African economy," says Todd.
"My first-hand experience of the different strategies being adopted by insurers will enable me to contribute significantly to the implementation of the growth strategy at Mutual & Federal."
In July this year, outgoing MD, Kennedy, announced his intention to take early retirement to allow the new MD to take ownership of the three-to-five year strategic step change programme that was devised following Old Mutual's acquisition of the minority shareholdings in Mutual & Federal.
Mutual & Federal Chairperson JB Magwaza believes that Kennedy built a strong foundation and directly contributed to the short-term insurer's accomplishments. He says: "I wish to thank Keith for the role he played during the difficult transitional phase of the last few years."
Kennedy concludes, "I would like to thank all Mutual & Federal staff for their commitment and dedication over the last few years. I have built strong relationships in the industry over the last 27 years and have every intention of continuing to add value to the industry associations in a non-executive capacity into the future."
Mutual & Federal is a member of the Old Mutual [JSE:OML].
