MMI acquires stake in Quanta

The transaction is subject to regulatory approval from the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority.

31 August 2017 | Business

MMI Holdings Namibia Limited and Quanta Insurance Limited have entered into an agreement where MMI Holdings Namibia will acquire a 70% equity stake in Quanta Insurance.

The transaction is subject to regulatory approval from the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority.

MMI's client-centric vision to be the preferred lifetime financial wellness partner, with a reputation for innovation and trustworthiness, requires MMI to provide holistic solutions that cater for a wide range of financial services needs of clients.

To this end, the addition of short-term insurance to the current MMI Namibia offering will bolster the group's ongoing pursuit to enhance the financial wellness of the Namibian nation.

Group CEO of MMI Holdings Namibia Jason Nandago said the transaction would bolster his company's short-term insurance capacity.

“We are pleased to enter this agreement with Quanta Insurance. We share the same values and culture and we have been very impressed with Quanta Insurance's strong management capability.

“Acquiring a 70% stake in an established short-term insurer gives MMI Holdings Namibia access to short-term insurance skills and experience and allows the group to diversify its portfolio.

“We will explore and maximise inherent synergies resulting in increased revenue to the benefit of stakeholders and the economy at large,” Nandago said.

Quanta Insurance managing director Johan Barnard said the acquisition of Quanta by MMI would allow the insurer to grow its footprint.

“The transaction is confirmation of the success and track record that Quanta garnered during the short time that we have been part of the Namibian Insurance landscape.

“The MMI group footprint will allow Quanta to spread its wings in terms of the offerings to the public via our trusted broker network.

“The capital injection that is part of this transaction will further solidify our balance sheet and allow Quanta to grow our market share.

“We are excited to explore this new venture and invite our brokers, clients and interested parties to join us in the journey ahead,” Barnard said.

STAFF REPORTER

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