|
|
FirstRand Insurance
FirstRand emerged as a financial services company in a complicated
arrangement between some of the very biggest players in the industry in South
Africa. In 1988 Anglo American Corporation and RMB Holdings merged their
financial services arms. These arms included First National Bank Holdings and
Southern Life and controlling company Momentum Life Assurers. The name was
changed to FirstRand, which, as the distillation of all of these giants, clearly
represents a powerful player in the market, and one which clients can certainly
trust to have the financial clout to make good on whatever insurance and
assurance products it rolls out. What all of this actually means, it that this
company effectively owns First National Bank, Wesbank, Momentum, Discovery and
Rand Merchant Bank, giving it the ability to pretty much provide anything it
wants to in the financial services market. It has also successfully concluded
the mandatory BEE arrangement in terms of South African company law, selling a
share in the company to four empowerment groups.
FirstRand thus acts as the godfather to many of South Africa`s most
successful insurance operators, including Discovery Life, Momentum Life and
Outsurance. This means that it indirectly offers an incredible range of
long-term and short-term insurance products, from life insurance to personal
insurance, home and household insurance, movable asset insurance, travel
insurance, motor vehicle and watercraft insurance, credit and debt protection,
legal insurance, company and liability insurance, lifestyle and income
protection, health insurance and the myriad miscellaneous innovative offerings
from Discovery.
This pretty much places the company at the helm of much of the insurance
industry in South Africa, with many broker networks, as well as a direct
insurance operation, courtesy of companies like Outsurance. While you can`t
insure directly with FirstRand, you are able to access their financial security,
experience and knowledge by using one of the companies that it owns.
Related Insurance Articles:
- U-Insure Insurance
- Standard Insurance
- RMB Insurance
- Investec Insurance
- Discovery Life Insurance
- Nedcor Insurance
- Coronation Life
- Channel Life Insurance
|
| | 4/30/2010 3:34:19 PM |
|
