Alexforbes acquires majority stake in TSA Administration

06 May 2023 Alexforbes

Alexforbes, a leading financial services firm, announced today that it has concluded an agreement with shareholders of TSA Administration (TSA) to acquire a majority interest in TSA, subject to the fulfilment of commercial conditions precedent (the transaction).

TSA is an independent provider of institutional group risk insurance administration services in South Africa with a 25-year track record. The business has carved a significant leadership position in this space by providing a hassle-free experience to intermediaries through the combination of TSA service specialists and procuring group insurance from a panel of market-leading insurers. The business serves over 120 000 insured members across more than 2 000 institutional clients. 

Commenting on the acquisition, Alexforbes CEO, Dawie de Villiers, said, ‘We are delighted to welcome the people and clients of TSA to the Alexforbes group. This strategic move bolsters our existing binder business, further strengthens our offering to clients and broadens our relationship with intermediaries. We are committed to maintaining the relationship of trust that TSA has earned with intermediaries and look to build upon this into the future.’ 

The transaction represents a natural alignment between the two companies, as we share an independence from product providers, a dedication to enhancing customer experience and the appetite to partner with intermediaries. Both the TSA business and the Alexforbes binder business (AF Insured Solutions) will be enhanced due to our combined scale in the administration operations as well as expanded market reach. 

TSA will operate as an independently managed unit within the Alexforbes group to preserve business continuity, maintain relationships with intermediaries, and sustain the TSA team culture. AF Insured Solutions will be integrated within TSA, ensuring a consistent customer experience and to realise the anticipated benefits of specialised scale. 

‘We are excited about the growth and development that this partnership will bring to TSA and its clients,’ said TSA Managing Director, Greg Smith. ‘To our supporting intermediaries, I want to emphasise that you will continue to receive the same high-quality service, independence and client-centric focus that you have come to expect from us over the past few decades.’ 

The acquisition of TSA by Alexforbes aligns with its strategic intent and will enable the group to expand our service offerings to intermediaries alongside our existing umbrella fund and investments capabilities.

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