Sanlam eyes Malaysian insurer

Sanlam is in talks to buy a large stake in Malaysia’s Pacific & Orient Insurance, a unit of Pacific & Orient, according to the Kuala Lumpur-based company. Bank Negara Malaysia, the country’s central bank, had approved preliminary negotiations for Pacific & Orient to sell a 49 percent stake in the unit to Sanlam, the company said on Friday in an announcement to Malaysia’s stock exchange. Sanlam, which operates in Africa, Europe, the UK, US and India, had R4 billion of excess capital at the end of June, it said in a statement on Friday. The insurer has been searching for acquisitions to boost growth, targeting assets in Bermuda, Kenya, the UK, South Africa, Ghana and southeast Asia. “Sanlam confirms its previous comments that it sees potential in a number of growth markets, including south-east Asia – in line with the Sanlam emerging markets growth strategy,” the company said. Sanlam’s share eased 1.1 percent to R37.28 on Friday. – Bloomberg