Sanlam is separating from MCIS' non-life business

Sanlam (South Africa) is ceding the non-life activities of MCIS Insurance to comply with Malaysian law. That law prevents the investors from owning more than one licence for the same activity, unless the other is in the takaful field.

The South African group, already present in the non-life sector by its 49% interest in Pacific & Orient, announced the sale of MCIS Insurance Berhad general activities to Pacific Insurance Berhad, owned by the Canadian Fairfax Financial Holdings.

The operation should be finalized during the first quarter of 2015.