SANTAM, the leading non-life insurer, has increased its stake in Indwe Broker Holdings by acquiring the shareholding from African Rainbow Capital (ARC) and Sanlam.
The transaction makes Indwe a wholly-owned subsidiary of Santam and includes Indwe Risk Services, the personal and commercial arm of Indwe, as well as Indwe BlueStar, the financial services arm of Indwe, a statement said Friday.
“Santam has been a significant shareholder since Indwe’s inception. This transaction cements the relationship and enables us to create a stronger presence in the industry. It also highlights their ongoing confidence in the business,” said Indwe CEO Peter Olyott.
A second development in the business was the formation of Simah Risk Holdings, created by moving the large corporate and specialist offerings out of Indwe. This business would be owned by ARC Financial Services Investments and management.
“We’re excited about these new developments. However, the one constant is our commitment to our clients, who will continue to receive the same expert risk advice and personal service that they know and trust,” said Olyott.
BUSINESS REPORT ONLINE