JOHANNESBURG (Reuters) – South African insurer Momentum Metropolitan is to acquire the short-term insurance business of financial services group Alexander Forbes for around 1.94 billion rand ($138.68 million), the two companies said on Thursday.
Momentum Metropolitan said in a stock exchange statement that the unit was a well-run insurance business with a stable and experienced management team, and that there was a strong cultural fit for the unit within its broader business.
($1 = 13.9894 rand)
Reporting by Emma Rumney; Editing by Kirsten Donovan
Source: Reuters.com © 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.Follow us: