Momentum Metropolitan Holdings, a financial services group listed on the Johannesburg Stock Exchange and on the Namibian Stock Exchange, has obtained the green light from regulatory authorities for the acquisition of Alexander Forbes’ short-term Insurance business.

The deal was announced in July 2019 and concluded for R1.9 billion ($130.1 million). According to Momentum, the transaction matches with its overall growth strategy as it will make the company an important player in the short-term insurance market. The company stressed that an acquisition of this nature and quality rarely occurs in the South African short-term insurance market.

For Dawie de Villiers (pictured), CEO of Alexander Forbes, the operation will bring value to shareholders within the group.

With the completion of the acquisition, the short-term insurance business will be integrated into Momentum’s insurance branches and will trade under the company’s brand, using one insurance license.

Chamberline Moko