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MMI to buy Momentum Short Term Insurance

By Staff Writer

MMI Holdings has announced its intention to acquire Momentum Short-term Insurance (MSTI) from OUTsurance Holdings. Momentum Short-term Insurance was created in January 2006 as a joint venture between Momentum Group and OUTsurance Holdings.


MSTI specialises in providing personal and commercial short term insurance products aimed at individuals and businesses through its network of intermediaries. Under the terms of the agreement, MMI will acquire a 50% stake from OUTsurance as Momentum already owns the other 50% of the issued share capital of MSTI.


MMI Holdings was created in December when Momentum merged with Metropolitan, creating the third largest insurer listed on the JSE, providing financial services products to a wide spectrum of consumers. Nicolaas Kruger, Group CEO of MMI Holdings, said the transaction will allow MMI to closer align short-term insurance products with its other products and optimise the use of MMI’s strong intermediary-based distribution channels. “We plan to create the necessary skills and capacity within MMI to assist Momentum Short-term Insurance in achieving its objectives,” he said.
 

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