Santam sells stake in Lion of Africa - 28 Aug 2009 15:49
If Brimstone Investment Corporation and Commlife Holdings purchase of Santam’s share of Lion of Africa Insurance Company gets approved, the corporate and commercial insurer will become a 100-precent black-owned company. Santam’s 35% stake in the Lion of Africa was sold in June this year for an undisclosed amount. ??Before the transaction, Brimstone and Commlife owned the majority 65 percent share of the insurer. Following regulatory bodies approval, the companies will own all the shares.
Lion of Africa formed in 1999 and has since become the largest insurer to local authorities. Also acclaimed as the third largest underwriter for engineering business, Lion of Africa is one of the top ten commercial underwriters in South Africa and is also a major multi-line insurer. ??Once approved the purchase will grant Brimstone 60 percent holder and Commlife 40% shareholder – a holding company controlled by Lion of Africa. Chair and co-founder of Commlife says he might consolidate his asset management and life assurance business into Brimstone over the next couple of months.
Chief executive of Santam says that Lion of Africa grew into a self-sufficient company while Santam held shares and that now was a good time to exit as a stakeholder.
If Brimstone Investment Corporation and Commlife Holdings purchase of Santam’s share of Lion of Africa Insurance Company gets approved, the corporate and commercial insurer will become a 100-precent black-owned company. Santam’s 35% stake in the Lion of Africa was sold in June this year for an undisclosed amount. ??Before the transaction, Brimstone and Commlife owned the majority 65 percent share of the insurer. Following regulatory bodies approval, the companies will own all the shares.
Lion of Africa formed in 1999 and has since become the largest insurer to local authorities. Also acclaimed as the third largest underwriter for engineering business, Lion of Africa is one of the top ten commercial underwriters in South Africa and is also a major multi-line insurer. ??Once approved the purchase will grant Brimstone 60 percent holder and Commlife 40% shareholder – a holding company controlled by Lion of Africa. Chair and co-founder of Commlife says he might consolidate his asset management and life assurance business into Brimstone over the next couple of months.
Chief executive of Santam says that Lion of Africa grew into a self-sufficient company while Santam held shares and that now was a good time to exit as a stakeholder.