The South African economy has developed as an interlinked unitary entity only since the first decade of the twentieth century. Prior to 1910, when the Union of South Africa was constituted as a unitary state within the British Commonwealth, four separate colonies existed in the sub-region of Southern Africa. The two independent Boer Republics of the Orange Free State and the South African Republic were defeated by Britain in the South African War of 1899–1902, and incorporated as British colonies in 1902. The economies of the Boer Republics were primarily agricultural and displayed limited sophisticated commercial activity prior to the mineral discoveries of 1867 and 1886: ‘Even the Boer republics, in spite of the presence there of some 50,000 people of European descent, lacked the basic structure to support a viable modern economy’. The Cape Colony economy was the most diversified of the four colonies by the mid-1860s. The Cape maintained a thriving agricultural manufacturing and commercial economy, soliciting the establishment of financial institutions. It was into the most vibrant centre of commerce and trade in Southern Africa that insurance was first sold in the early 1800s. Many insurance companies from various parts of the world commenced the sale of insurance in the South African market – using general agents. Shortly after the arrival of the 1820 British settlers in the Cape Colony, on 14 March 1831 the first South African insurance company was established.