Alexander Forbes cedes its insurance activity

MMI Holdings has acquired Guardrisk Insurance, the insurance subsidiary of the group Alexander Forbes. The transaction amounted to 1.6 billion ZAR (157 million USD). MMI Holdings, the country's third largest insurer, was born from the merger in 2010 of the Metropolitan with Momentum.
It is present in a dozen African countries. From September 2012, the group announced the creation of a reserve worth 1 billion ZAR (98 million USD), a move designed to expand its activities on the continent.