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Santam to acquire 100% of Indwe Broker Holdings

Dear Business Partners

“Progress is impossible without change and those who cannot change their minds cannot change anything!” – George Bernard Shaw

Amidst all of the happenings in our lives, as a business we too are not immune to change. Along our journey as a company, we have morphed and adapted to many changes over the past few years. And as with all journeys, there are milestones which may signal a particular achievement reached or a significant change experienced.

I wish to share that Santam, South Africa’s largest short-term insurer, will increase its stake in our business (Indwe Broker Holdings) by acquiring the remaining 76% shareholding from African Rainbow Capital (51%) and Sanlam (25%), subject to the fulfilment of conditions precedent for the acquisition of the remaining stake. Santam currently holds a 24% shareholding, and the transaction will effectively make Indwe a wholly owned subsidiary of Santam.

With our roots established in 1903, Indwe is one of South Africa’s leading intermediaries, offering personal, business and specialist risk and insurance advisory services. As part of the transaction the personal and commercial business (Indwe Risk Services) as well as the IndweBlueStar (Indwe Financial Services) business will be retained within Indwe. The current corporate and specialist businesses including Indwe Risk Solutions and Acuideas will be sold to Simah Risk Holdings, a separate entity owned by management and African Rainbow Capital.

Indwe has a proud history of providing clients with excellent advice and exceptional service and have been on a strategic journey to enhance our client offerings based on personalised risk solutions and differentiated service experiences. The creation of these two exciting new businesses accelerates our strategic ambition to provide customised, segment focused solutions which will improve our competitive advantage and unlock significant market opportunities in future.

The transaction enables the respective management teams to strengthen their segment focused value proposition to their clients with a highly differentiated offering across the personal, commercial, corporate and specialist lines of business.

Management and staff will be retained within the two new businesses which will ensure that the long standing and trusted relationships with clients are maintained. I will continue to lead Indwe to oversee the successful transition of the business as a client-centric and segment focused intermediary. I further wish to assure you, as our trusted business partners, of our ongoing support and commitment to excellence.

Kind regards

Peter OlyottCEO