The south African services group Momentum Metropolitan was authorized to acquire Alexander Forbes AFI non-life insurance activities for 1.94 milliard ZAR (136 million USD). The transaction is yet to be legalised by the authorities.
Such an acquisition, helps Momentum Metropolitan achieve its goals to expand on the non-life insurance market and attract more customers. The company’s portfolio indeed, is to reach 150 000 insured following this operation.
Herman Schoeman, CEO of Momentum Metropolitan’s non-life activities highlighted the importance of this strategic operation : « Seldom does the South African non-life insurance market, witness an important acquisition. Therefore, it is our pleasure to seize such an opportunity ».
H. Schoeman also stated that a non-life insurance unit shall soon be set up.
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