Guiding consumers since 2009

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.
 

Recent Articles

Featured New homeowner? Be aware of these extra expenses

You’ve overcome all the hurdles of buying a home. You’ve managed to pay your deposit and your closing payments, and now you’re a proud title deed holder. However, there are other expenses waiting around the corner. Are you prepared?

Your biggest credit conundrums – answered

Understanding your credit health is one of the most important factors in managing your finances. This is because it gives you insight into your debt, your borrowing ability, and your financial history. While many understand this, there are still many questions on how to do just that.

Avoid debt collectors, choose debt counselling

There are two things you can do when you are struggling to pay your debt. You can either let your creditors hand your debt over to debt collectors – or you can let debt counsellors help you deal with your debt.

Retail notes: easy investment option for new investors

Being a newbie in the world of investing can be challenging because you don’t know where and how to invest. With so many investment options, you could easily be befuddled. Justmoney looks at how retail notes can help you cut your teeth in the world of investing.   

Deals

Spur's South African Combo Special

Price: R80
When: Mondays
Where: Nationwide

Translux Student Discount

Price: Depends on destination
When: Daily
Where: Nationwide

Zimbali Senior Citizens Discount

Price: From R1342.00
When: Until 14 December 2019
Where: KwaZulu Natal