Santam, South Africa's largest non-life insurer, is increasing its stake in Mirabilis Engineering Underwriting Managers by acquiring the remaining 45% stake in the latter that it did not already own.
The acquisition price has not been disclosed.
Mirabilis CEO, Mr Curt Meyer, said, “The transaction will strengthen our already excellent capability and service offering to the engineering sector in South Africa. Furthermore, it will provide us with a significant strategic advantage by leveraging Santam's footprint across Africa and certain international markets.”
Santam says that the acquisition is subject to the fulfilment of regulatory conditions before it becomes effective.
Mirabilis is the largest engineering underwriter in Africa and has in-depth expertise and experience in engineering and construction insurance with services including risk management surveys and accredited specialist product training.