Alexander Forbes offloads its retail life business to Sanlam for US$7.3m

SOUTH AFRICA – Financial services firm Alexander Forbes has concluded its exit from insurance business following the sale of transfer of its risk and retail life business to South African insurer Sanlam Life for US$7.3 million. The business operations formed part of AF Life, a long-term insurance company and wholly owned subsidiary of Alexander Forbes that provides group risk and retail life insurance policies with a focus on small to medium clients. The business, now discontinued, recorded gross insurance premium income of US$72.5 million for the year ended 31 March…

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Momentum Namibia to acquire Alexander Forbes Insurance Namibia

NAMIBIA – Momentum Metropolitan Namibia, through their subsidiary Momentum Short Term Insurance Namibia, is set to acquire all the issued shares of Alexander Forbes Insurance Namibia, reports New Era Live.   Alexander Forbes (AF) Insurance Namibia is a personal and commercial lines insurance provider with a business model that focuses on a personalised approach to sales and service with niche offerings. AF is the fourth largest insurance provider by market share in gross written premiums in the country.  “We are pleased with the proposed transaction which brings to a close the…

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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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