Bidvest Insurance Group expands with two new acquisitions

07 August 2016 Bidvest Insurance
Trevor Glassock.

Trevor Glassock.

In line with Bidvest’s strategy of expanding through value accretive acquisitions, the Bidvest Insurance Group announced that it has acquired FMI, a Life insurance underwriting manager specialising in income protection and Glassock & Associates, a pension and provident fund administrator.

Bidvest Insurance Group, which offers a wide range of insurance products including commercial & personal lines, travel insurance, tyre insurance, credit life and other motor affiliated products, will now benefit from the specialist skills and niche products these acquisitions bring to the company.

As a leading income benefit provider, FMI will spearhead Bidvest’s expansion into more complex life insurance products distributed through brokers and intermediaries. FMI is now able to leverage the strength of Bidvest as well as offer additional comfort and security to its financial advisors and policyholders.

"The Bidvest strategy is to turn ordinary companies into extraordinary performers, delivering strong and consistent shareholder returns in the process," says Mark Paton, MD of Bidvest Insurance Group. "FMI are considered the life insurance thought-leaders in their class, but require greater public awareness because most quality niche operators are often overshadowed by the bigger players in the insurance world. Bidvest Insurance Group will provide an opportunity for FMI to make a bigger noise around what separates them from the rest and what gives them the edge over other life insurers,” added Paton.

Brad Toerien, CEO of FMI is delighted with the new partnership as they align strongly with Bidvest Insurance Group’s mantra of innovation, integrity and insight. “We are passionate about protecting people’s ability to earn an income and the FMI brand is synonymous with innovation in this space. Bidvest Insurance Group supports our passion and vision, so by leveraging the strength of Bidvest we can pursue our plans and accelerate our growth. We also expect to achieve financial efficiencies as a division, instead of being an Underwriting Manager and will be able to access the opportunities within the wider Bidvest network, which will benefit all," concluded Toerien.

Bidvest Insurance Group also announced its acquisition of the Johannesburg based pension fund administrator Glassock & Associates. Glassock’s expertise in pension and retirement fund administration has enabled the company to grow quickly over recent years and the addition of administering the Bidvest Pension and Retirement funds as part of the acquisition will add notable scale to the business and bring significant growth for both these reputable companies.

“The objective is to continue growing our financial services by now offering our clients a superior pension and provident fund administration service. Leveraging the collective abilities of both companies will provide us with an opportunity for better business that can ultimately make a meaningful difference within the retirement fund industry in South Africa,” said Paton.

“The Glassock team are experts in the field of employee benefit administration, which not only adds a unique offering to Bidvest Insurance, but also further complements the skills already housed within our company. We are looking forward to the synergies that this partnership unlocks, as well as new business opportunities that not only benefit the companies involved, but most importantly - our customers”.

Heading up this new division within Bidvest Insurance Group is CEO of Glassock and Associates, Trevor Glassock. “This is an exciting new venture for both companies and we are looking forward to a mutually beneficial partnership for everyone involved,” said Glassock.

“This new development allows us to continue our journey as an organization with a reputation of making a significant difference to the lives of fund members and we are confident that by leveraging our collective capabilities, we can create an even better business that can make a meaningful difference within the retirement fund industry in South Africa” Glassock concluded.

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