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Santam sells its stake in Lion of Africa

After a successful partnership spanning more than 11 years with South Africa's first black owned insurance company, Santam concluded negotiations to sell its 35% interest in Lion of Africa Insurance Company to its existing co-shareholders - Brimstone Investment Corporation and Commlife Holdings.

This move completes a journey that results in Lion of Africa being fully black owned by the original BEE groups that partnered with Guardian National Insurance Company to create Lion of Africa. Guardian National was acquired by Santam in 2001.

Formed in 1998, the partnership was created long before the inception of the financial services BEE charter.

'While Santam could share best practice from its knowledge of the short-term insurance industry, both Brimstone and Commlife have added value in growing and developing Lion's business and as a result Lion has benefited immensely from the excellent partnership between its shareholders.' said Kirk.

Especially in the initial years Santam played the role of technical partner and over and above financial support also provided infrastructure, technology, systems and underwriting expertise. During 2005 Santam diluted its stake from 50% to 35% to enable Brimstone Investment Corporation and Commlife Holdings to increase their interest to 65%.

'We are proud of our efforts that have supported Lion of Africa over a long period in being very well placed for their own future growth,' concludes Kirk.