Santam Acquires Centriq Insurance

January 26 - Santam short term insurance group announced that it had completed the acquisition of Centriq Insurance, which has now become a 100% wholly owned Santam company.

Santam bought 33.3% interest from Kasigo Risk Solutions, completing full acquisition of the company.

"This transaction gives us an opportunity to achieve a more optimal capital structure for Centriq," said the Chief Executive Officer of Santam, Ian Kirk.

"It enables us to unlock further synergies between Santam and Centriq though Santam's award winning support environment, whilst maintaining the client centric focus that has been the cornerstone of Centriq's success," he added.

The transaction will be finalized following the approval of the South African Financial Services Board.

The acquisition has been seen as strategically important for Centriq Insurance, a group that specializes in risk finance and affinity business.

"Backed by Santam's reputation and financial strength, Centriq will continue to operate as an independent business, leveraging on Santam's strength as the leading short term insurer in South Africa," said the Chief Executive Officer of Centriq Insurance, Michael Blain.

"Santam and Centriq share a passion to take care of clients' holistic short term insurance needs," he said.

Centriq added that it was proud to have worked with Kasigo and now looked forward to developing strong bonds with Santam.