Finance

SA insurer Santam seeks $66mln on the money market, in a tough context

Friday, 27 November 2020 17:04
SA insurer Santam seeks $66mln on the money market, in a tough context

(Ecofin Agency) - South African insurer Santam is seeking up to R1 billion (about $65.9 million) on the local money market. The company initiated this operation when it is about to lose a court battle against its clients who have demanded that it repairs damage caused by business interruptions due to covid-19.

Investors considering lending money to the company will be mindful of encouraging fundamentals such as the good ability to meet its short-term commitments, its dominant position in the South African insurance market, and a growth in its product offerings and markets of presence, according to the South Africa-based investment and analysis firm Anchor Capital.

The decision by the Court has far-reaching consequences and the company said it has already set aside R1.3 billion to deal with them. In addition to being forced to pay its customers for business interruption, Santam is also exposed to the fallouts of the pandemic in many other ways. The insurer has incurred impairment on the investments it made in companies, particularly those that are listed. It also owns a stake in the Moroccan insurer Saham, which has experienced losses in value in recent months.

Despite these indicators, equity market investors seem to trust Santam on the Johannesburg Stock Exchange. The value of its share was up 1.7% on Thursday, November 26, 2020; making the company’s third progression of the week.

Idriss Linge



 
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