Notice of the transfer of the short-term insurance business of Guardian National Insurance Company

Investor News

Notice of the transfer of the short-term insurance business of Guardian National Insurance Company

Published: 26 March 2014

Notice is hereby given in terms of Section 37(a)(ii) of the Short-term Insurance Act, 53 of 1998 (hereinafter referred to as "the Act"), that it is the intention of both Guardian National Insurance Company Limited (Registration Number: 1920/002086/06) ("GNI") and Santam Limited ("Santam") to transfer all policies of all policyholders underwritten by GNI in the Republic of South Africa ("the Transfer Policies"), to Santam in terms of the provisions of Part V of the Act (hereinafter referred to as the "Transfer Transaction").

Details about the Transfer Transaction are contained in a transfer agreement entered into between GNI and Santam ("the Agreement"). The Agreement is subject to the fulfilment of suspensive conditions, which includes, amongst others, that the Transfer Transaction is approved by the Registrar of Short-term Insurance ("the Registrar") in terms of Part V of the Act.

If the Transfer Transaction is approved by the Registrar, Santam shall be responsible for the fulfilment of all the obligations of GNI towards the policyholders of the Transfer Policies.

Copies of the Agreement, confirmation by the auditors with regard to the calculation of the technical reserves of GNI and Santam , as well as any other documents required by the Registrar, shall be available for inspection for a period of 15 (fifteen) days commencing on 31 March 2014 until 14 April 2014 at 1 Sportica Crescent, Bellville.

In terms of Section 37(b) of the Act, any person who has an interest in this matter may, within 15 (fifteen) days from the publication of this notice on 30 March 2014 , submit to the Registrar such representation concerning the Transfer Agreement as are relevant to his/her/its interests.

GNI and Santam intend to apply to the Registrar on 23 April 2014 at Riverwalk Office Park, Block B, 41 Matroosberg Road (Corner Garsfontein and Matroosberg Roads), Ashlea Gardens x6, Menlo Park, Pretoria or as soon thereafter as the application may be heard, for approval by the Registrar of the Transfer Transaction. In terms of section 37(d) of the Act, any policyholder, shareholder or creditor of GNI or Santam may file affidavits with the Registrar within the 15 (fifteen) day period, commencing on 31 March 2014 until 14 April 2014 and shall be entitled to appear before the Registrar on the above-mentioned date.

Please direct all queries to GNI or Santam at P. O. Box 3881, Tygervalley, 7536 or per email to lizet.murray@santam.co.za. Enquiries may also be directed telephonically to (021) 915 7167. Also direct your enquiry to the Registrar, the Financial Services Board at P.O. Box 35655, Menlo Park, 0102, for the attention of Dhaneshree Nayager at Dhaneshree.Nayager@fsb.co.za.