Santam Sells Lion of Africa Shares

August 14 - Praising the dedication of all shareholders that have turned Lion of Africa into one of the most successful insurance companies in the industry, Santam said that it would be parting ways with the group after a decade of partnership.

Santam joined forces with Lion of Africa to form the first black owned insurance company in the country ten years ago and has now stated its intentions to sell its interests to existing shareholders.

Santam guided the technical side of the fledgling business, especially in the early years, while also providing financial support, infrastructure, systems, underwriting specialists and much more.

The Chief Executive of Santam, Ian Kirk said that this was a story of mutual learning's.

"While Santam could share best practice from its knowledge of the short term insurance industry, both Brimstone and Commlife have added value in growing and developing Lion's business and as a result Lion has benefited immensely from the excellent partnership between its shareholders," said Kirk.

Over the years, Santam began a gradual decline in shareholder interest, dropping its stakes from 50% to 35%.

Santam believes that the insurance company is now competent enough to take full control of the reigns and is exiting the group altogether.

"We are proud of our efforts that have support Lion of Africa in being well placed for their future growth," said Ian Kirk. "They now no longer need an active technical partner."