Peter Todd
Mutual & Federal has announced the appointment of its new Managing Director, Peter Todd, who will take over the leadership of one of South Africa’s leading short-term insurers from outgoing Managing Director Keith Kennedy on 1 February 2011.
“I am delighted with the appointment of a new MD 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 plc’s acquisition of the minority shareholdings in Mutual & Federal.
Chairman, 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 Group.
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