Santam, South Africa’s largest non-life insurer has increased its stake in Indwe Broker Holdings by acquiring the shareholding from African Rainbow Capital and Sanlam. This transaction makes Indwe a wholly owned subsidiary of Santam and includes Indwe Risk Services, the personal and commercial arm of Indwe as well as Indwe BlueStar, the financial services arm of Indwe.
“Santam has been a significant shareholder since Indwe’s inception. This transaction cements the relationship and enables us to create a stronger presence in the industry. It also highlights their ongoing confidence in the business,” says Peter Olyott, CEO at Indwe.
A second development at the business is the formation of Simah Risk Holdings, created by moving the large corporate and specialist offerings out of Indwe. This business will be owned by ARC Financial Services Investments and management.
“The past two years have taught us as individuals and as a business that you have to be adaptable in the face of change. Change is necessary because it facilitates growth. We’re excited about these new developments, however the one constant is our commitment to our clients, who will continue to receive the same expert risk advice and personal service that they know and trust,” says Olyott.