Indwe Broker Holdings, the holding company for Indwe Risk Services, has announced the acquisition of corporate broking and risk management advisory business, Lyme Street Risk. Peter Olyott, CEO of Indwe, confirms that both parties wanted to ensure that the merging of the business would result in value to all stakeholders.
“The Lyme Street skill set and knowledge, particularly on large and complex risk placements, as well as risk management expertise, adds value to the entire Indwe business, whilst Indwe Risk Services’ national branch infrastructure and Allied African Network will add value to the Lyme Street clients,” explains Olyott.
Steyn McDowall, managing director of Lyme Street Risk, believes that by combining the two businesses, it will result in Indwe being able to tackle selected corporate accounts on a better footing than before, by way of the additional skill, experience and expertise Lyme Street brings to the transaction.
According to Olyott, not only does the transaction balance out Indwe’s large national client portfolio to an almost 50/50 split between individual and business clients, but through it they have also identified other opportunities that the combined business can benefit from.
“The process of integrating Lyme Street into the Indwe business will take place over the next two months, in readiness for the start of the Indwe financial year in July, where we will operate as a focussed, segmented and specialist business arm of Indwe,” says McDowall, who will play an important executive role in the new Indwe.
Indwe is the largest black-owned and controlled risk advisory business in the country. It is an African Rainbow Capital owned company that is focussed on delivering bespoke solutions to the risk needs of individuals, small to medium-sized business clients and large South Africa-owned corporate businesses operating in Africa. Through its Allied Africa Broker Network, Indwe is able to render services in 17 African countries.