New Head for Mutual and Federal Insurance

December 20 - The short term South African insurance group, Mutual & Federal announced the appointment of a new Managing Director after Keith Kennedy leaves his position in February, 2011.

Peter Todd, who has extensive experience in the insurance industry will fill Kennedy's shoes.

"I am delighted with the appointment of a new MD of Peter's caliber," said 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," he added.

Peter Todd has worked with brokerages in the past, which is an important asset since 95% of Mutual & Federal's business is done through broker relationships.

Todd has been head of distribution for ABSA Financial Services, as well as Managing Director for ABSA Insurance and Financial Advisors.

"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 play in a sector that is so important to the South African economy," said Todd.

He added that his first hand experience of the different strategies that have been adopted by insurers will enable him to contribute significantly to the company's growth strategy.

Kennedy was warmly thanked by the group's chairman, JB Magwaza for the part he played during the difficult transitional phased in the past few years.