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MMI Holdings to buy 100% stake in Momentum Short-term Insurance

IBR Staff Writer Published 05 June 2012

MMI Holdings is planning to aquire 100% stake in Momentum Short-term Insurance for an undisclosed amount.

MMI Holdings and OUTsurance Holdings boards have already approved the transaction, which will be subject to regulatory approvals, including the Financial Services Board and the competition authorities.

MMI Holdings Group CEO Nicolaas Kruger said that the transaction enables Momentum Short-term Insurance to provide full potential within MMI and the broader market.

Kruger added: "Full ownership and control of Momentum Short-term Insurance will enable MMI to effectively leverage its shareholding in Momentum Short-term Insurance."

"The transaction will allow MMI to closer align short-term insurance products with its other products and optimise the use of MMI's strong intermediary-based distribution channels."

Established in January 2006, Momentum Short-term Insurance is a joint venture between Momentum Group and OUTsurance Holdings.

Momentum Group is responsible for marketing and distribution while OUTsurance Holdings provides certain administration services, the back office support to Momentum Short-term Insurance.