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Santam Growth shuns soft market conditions

November 29 2012 at 08:00am

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Despite the continued soft market conditions, Santam Group had achieved satisfactory growth and had underwritten profitability during the third quarter of the year, it said yesterday in an operational update to shareholders. But the underwriting result was negatively affected by the bad weather in Gauteng and the Eastern Cape in October, and by extensive fires in St Francis Bay this month. These claims were not expected to reach a level that will attract significant relief from catastrophe reinsurance. The specialist classes, MiWay and Santam Re continued to perform satisfactorily for the six months to June. The net underwriting margin was now at the lower end of the medium-term target range of 5 percent to 7 percent. Shares were unchanged yesterday at R173. – Staff reporter


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