Santam buys MTN's R400m device book
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GUEST – Gerald van Wyk who is the CEO of Santam's Client Solutions Business
Africa's largest short-term insurer Santam has agreed to buy MTN SA's mobile telecommunication firm’s device insurance book, which has just over 400 000 policies and an annual gross written premium value of almost R400 million.
In March, the Competition Commission approved the acquisition without conditions, Santam said in a statement, with regulatory approvals expected to be completed within the next year.
The acquisition, as well as the alliance, is aimed to support MTN South Africa in broadening the reach of device protection to their clients, in line with the importance of devices in the lives of customers.
Africa's largest short-term insurer Santam has agreed to buy MTN SA's mobile telecommunication firm’s device insurance book, which has just over 400 000 policies and an annual gross written premium value of almost R400 million.
In March, the Competition Commission approved the acquisition without conditions, Santam said in a statement, with regulatory approvals expected to be completed within the next year.
The acquisition, as well as the alliance, is aimed to support MTN South Africa in broadening the reach of device protection to their clients, in line with the importance of devices in the lives of customers.
