Momentum Metropolitan buys Alexander Forbes insurance business

SOUTH AFRICA – Momentum Metropolitan, a financial services group, announced the completion of its acquisition of Alexander Forbes’ short term insurance business, AFI. Momentum revealed the acquisition in a shareholder notice, marking the culmination of a process that was first announced in July of 2019. At the time, the acquisition was proposed at US$130.18 million (R1.938bn), covering 100% of the shares of AFI, which supports the business and its trademarks. Momentum Metropolitan CEO Hillie Meyer said its portfolio of businesses already had substantial market share in the life insurance, investments,…

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