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31 January 2020 | 5 - 8 min read
Momentum Metropolitan Holdings Limited (previously MMI Holdings Limited) is pleased to announce that it has completed its acquisition of the Alexander Forbes Short-term Insurance business (AFI) from Alexander Forbes Limited following unconditional regulatory approval.
This strategic acquisition marks continued progress on Momentum Metropolitan’s overall Reset and Grow strategy, and specifically aims to fast-track growth of the short-term insurance interests of the Group.
“Momentum Metropolitan’s portfolio of businesses already commands substantial market share in the life insurance, investments, corporate and health product and advice arenas. This transaction more than doubles our client base to 150 000 policyholders and positions the combined short-term insurance business of Guardrisk, Momentum Short-term Insurance (MSTI) and AFI within the top three players in the short-term insurance market in South Africa,” says Hillie Meyer, CEO of Momentum Metropolitan.
Herman Schoeman, CEO of Momentum Metropolitan’s non-life insurance portfolio commented as follows: “An acquisition of this nature and quality strengthens MSTI’s distribution capabilities and complements its customer value proposition.”
“We are excited to harness the areas of expertise that will be brought together by the combined entity to deliver an enhanced customer experience and a broader range of differentiated products for policy holders to choose from,” Schoeman adds.
Dawie de Villiers, Chief Executive Officer of Alexander Forbes, says: “We are pleased with the successful completion of the transaction and critically, that the clients will continue to receive the premium benefits and service offering that they have enjoyed with Alexander Forbes Insurance. I would also like to take this opportunity to sincerely thank the management team and employees of Alexander Forbes Insurance for their passion and commitment and wish them the very best with Momentum Metropolitan.”
In practice, the integration of the two businesses will be realised in several steps involving integrating operations and consolidating product offerings, which once concluded, will trade under the Momentum brand, using one insurance licence.
All current policy terms and conditions will remain unchanged for both MSTI and AFI policy holders. Over the course of the next year, AFI staff will become employees of the merged entity and AFI’s operations will move to Momentum premises where appropriate. We anticipate that this merger will also offer staff with exciting career growth opportunities.
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