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Santam to acquire stake in Enterprise Insurance

Short-term insurer, the South African National Trust and Assurance (Santam) will be acquiring a stake in Ghana-based Enterprise Insurance (EIC).

In addition to acquiring EIC, Santam has plans to conclude another two acquisitions that include increasing its shareholding in Malawi’s Nico and a deal with Nigeria’s First Bank.

Santam CEO Ian Kirk said that the transactions were expected to be concluded by the end of this year.

Santam did not disclose the percentage it intends to acquire in EIC but said that it will spend a total of $28m on the three deals.

The African insurer has assets worth more than R17bn, a countrywide contact centre infrastructure, a intermediary network and more than 6,50,000 policy holders.