JSE-listed Santam, a short-term insurer, said yesterday that it was increasing its interest in insurance technology company JaSure by acquiring the remaining 49 percent shareholding.
It did not disclose the value of the deal.
In 2020 Santam acquired 51 percent shareholding in JaSure.
The company said the buyout was a significant growth enabler, that would realise digital offerings for clients across the Santam Group, particularly in its Commercial and Personal (C&P) insurance business.
Edward Gibbens, Santam’s executive head of the C&P insurance business, said, “We believe we can open up the potential for increased value-add to our clients and the Santam Group through a 100 percent ownership. We aim to leverage the existing and powerful client experience and younger market reach of JaSure, while maximising the Santam efficiencies and wider distribution capability, including the Sanlam Group.”
JaSure offers digital insurance to clients, effectively empowering them to choose what they want to insure and when to do so. Clients can purchase insurance instantly for an individual asset, with the option to switch cover on and off, using the app, based on their needs.
Jaclyn Prior, JaSure’s Managing Director, said, “We have co-created a unique model with Santam that balances JaSure’s entrepreneurial core and digital innovation, and Santam’s depth of insurance expertise. The JaSure founders and management team are excited about the next chapter which enables further collaboration and increased support; it elevates our ability to take on a growing market opportunity.”
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