MMI acquires stake in Quanta
MMI acquires stake in Quanta

MMI acquires stake in Quanta

The transaction is subject to regulatory approval from the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority.
Staff Reporter
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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Namibian Sun 2024-04-25

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Premier League: Manchester United 4 vs 2 Sheffield United | Everton 2 vs 0 Liverpool | Crystal Palace 2 vs 0 Newcastle | Wolves 0 vs 1 Bournemouth | Arsenal 5 vs 0 Chelsea LaLiga: Sevilla 2 vs 1 Mallorca SerieA: AC Milan 1 vs 2 Inter Milan | AS Roma 1 vs 3 Bologna European Championships Qualifying: Coventry City 2 vs 3 Hull City | Leicester City 5 vs 0 Southampton | Middlesbrough 3 vs 4 Leeds United English Championship: Coventry City 2 vs 3 Hull City | Leicester City 5 vs 0 Southampton | Middlesbrough 3 vs 4 Leeds United Katima Mulilo: 15° | 34° Rundu: 15° | 34° Eenhana: 15° | 35° Oshakati: 17° | 34° Ruacana: 17° | 35° Tsumeb: 18° | 33° Otjiwarongo: 14° | 31° Omaruru: 17° | 34° Windhoek: 15° | 29° Gobabis: 17° | 31° Henties Bay: 15° | 21° Wind speed: 22km/h, Wind direction: S, Low tide: 10:02, High tide: 04:02, Low Tide: 22:08, High tide: 16:27 Swakopmund: 15° | 16° Wind speed: 27km/h, Wind direction: SW, Low tide: 10:00, High tide: 04:00, Low Tide: 22:06, High tide: 16:25 Walvis Bay: 15° | 23° Wind speed: 35km/h, Wind direction: SW, Low tide: 10:00, High tide: 03:59, Low Tide: 22:06, High tide: 16:24 Rehoboth: 16° | 31° Mariental: 19° | 32° Keetmanshoop: 19° | 32° Aranos: 20° | 33° Lüderitz: 14° | 25° Ariamsvlei: 18° | 31° Oranjemund: 14° | 21° Luanda: 26° | 29° Gaborone: 18° | 31° Lubumbashi: 12° | 26° Mbabane: 15° | 20° Maseru: 12° | 26° Antananarivo: 14° | 26° Lilongwe: 14° | 27° Maputo: 20° | 27° Windhoek: 15° | 29° Cape Town: 16° | 24° Durban: 18° | 23° Johannesburg: 18° | 25° Dar es Salaam: 23° | 26° Lusaka: 18° | 29° Harare: 15° | 29° Currency: GBP to NAD 23.65 | EUR to NAD 20.3 | CNY to NAD 2.62 | USD to NAD 18.94 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.34 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.72 | ZWL to NAD 0.04 | BRL to NAD 3.72 | RUB to NAD 0.21 | INR to NAD 0.23 | USD to DZD 134.23 | USD to AOA 834.06 | USD to BWP 13.85 | USD to EGP 47.85 | USD to KES 134.48 | USD to NGN 1277.03 | USD to ZAR 18.97 | USD to ZMW 26.35 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 74513.94 Up +0.68% | Namibian Stock Exchange (NSX) Overall Index 1545.38 Up +1.53% | Casablanca Stock Exchange (CSE) MASI 13281.24 Up +0.26% | Egyptian Exchange (EGX) 30 Index 25917.59 Down -3.21% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 329.94/OZ UP +0.59% | Copper US$ 4.52/lb UP +1.99% | Zinc US$ 2 873.90/T UP 2.4% | Brent Crude Oil US$ 88.08/BBP UP +0.10% | Platinum US$ 902.25/OZ UP +0.01% Sport results: Premier League: Manchester United 4 vs 2 Sheffield United | Everton 2 vs 0 Liverpool | Crystal Palace 2 vs 0 Newcastle | Wolves 0 vs 1 Bournemouth | Arsenal 5 vs 0 Chelsea LaLiga: Sevilla 2 vs 1 Mallorca SerieA: AC Milan 1 vs 2 Inter Milan | AS Roma 1 vs 3 Bologna European Championships Qualifying: Coventry City 2 vs 3 Hull City | Leicester City 5 vs 0 Southampton | Middlesbrough 3 vs 4 Leeds United English Championship: Coventry City 2 vs 3 Hull City | Leicester City 5 vs 0 Southampton | Middlesbrough 3 vs 4 Leeds United Weather: Katima Mulilo: 15° | 34° Rundu: 15° | 34° Eenhana: 15° | 35° Oshakati: 17° | 34° Ruacana: 17° | 35° Tsumeb: 18° | 33° Otjiwarongo: 14° | 31° Omaruru: 17° | 34° Windhoek: 15° | 29° Gobabis: 17° | 31° Henties Bay: 15° | 21° Wind speed: 22km/h, Wind direction: S, Low tide: 10:02, High tide: 04:02, Low Tide: 22:08, High tide: 16:27 Swakopmund: 15° | 16° Wind speed: 27km/h, Wind direction: SW, Low tide: 10:00, High tide: 04:00, Low Tide: 22:06, High tide: 16:25 Walvis Bay: 15° | 23° Wind speed: 35km/h, Wind direction: SW, Low tide: 10:00, High tide: 03:59, Low Tide: 22:06, High tide: 16:24 Rehoboth: 16° | 31° Mariental: 19° | 32° Keetmanshoop: 19° | 32° Aranos: 20° | 33° Lüderitz: 14° | 25° Ariamsvlei: 18° | 31° Oranjemund: 14° | 21° Luanda: 26° | 29° Gaborone: 18° | 31° Lubumbashi: 12° | 26° Mbabane: 15° | 20° Maseru: 12° | 26° Antananarivo: 14° | 26° Lilongwe: 14° | 27° Maputo: 20° | 27° Windhoek: 15° | 29° Cape Town: 16° | 24° Durban: 18° | 23° Johannesburg: 18° | 25° Dar es Salaam: 23° | 26° Lusaka: 18° | 29° Harare: 15° | 29° Economic Indicators: Currency: GBP to NAD 23.65 | EUR to NAD 20.3 | CNY to NAD 2.62 | USD to NAD 18.94 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.34 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.72 | ZWL to NAD 0.04 | BRL to NAD 3.72 | RUB to NAD 0.21 | INR to NAD 0.23 | USD to DZD 134.23 | USD to AOA 834.06 | USD to BWP 13.85 | USD to EGP 47.85 | USD to KES 134.48 | USD to NGN 1277.03 | USD to ZAR 18.97 | USD to ZMW 26.35 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 74513.94 Up +0.68% | Namibian Stock Exchange (NSX) Overall Index 1545.38 Up +1.53% | Casablanca Stock Exchange (CSE) MASI 13281.24 Up +0.26% | Egyptian Exchange (EGX) 30 Index 25917.59 Down -3.21% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 329.94/OZ UP +0.59% | Copper US$ 4.52/lb UP +1.99% | Zinc US$ 2 873.90/T UP 2.4% | Brent Crude Oil US$ 88.08/BBP UP +0.10% | Platinum US$ 902.25/OZ UP +0.01%