The sale of specialist-insurer Guardrisk to MMI Holdings has been approved by the Financial Services Board and South African competition authorities and came into effect on 3 March 2014. The relevant authorities in Mauritius and Gibraltar have also approved the transaction in relations to Guardrisk’s captive insurance operations in these two jurisdictions.
Nicolaas Kruger, CEO of MMI Holdings, said: “We are pleased that the transaction has now been finalised and we look forward to welcoming Guardrisk into the MMI Holdings family. The Guardrisk transaction demonstrates our strategic intent to grow our business through diversification. This is a significant milestone for both our companies as we continue to pursue and realise growth both locally and outside of South Africa.”
According to Herman Schoeman, Guardrisk’s managing director, being part of MMI Holdings will provide many new growth opportunities for Guardrisk’s group of companies—which is South Africa’s leading specialist insurance group.
Schoeman, who will continue to lead the company along with the current management team, foresees that the new partnership will enhance both businesses’ offerings to clients.
