Lion of Africa Insurance acquires engineering underwriter RHM
Lion of Africa Insurance Company Limited (Lion of Africa Insurance) has acquired the insurance portfolio managed by specialist engineering and contracting underwriting manager, RHM Technical Services (RHM). The acquired portfolio - to be consolidated into that of the Lion of Africa Engineering Division - includes prominent JSE-listed companies amongst others.
According to Adam Samie, CEO of Lion of Africa Insurance, the acquisition of RHM further enhances Lion of Africa Insurance’s position as one of the leading engineering insurers in the local market. “Lion of Africa Insurance has gained an enviable reputation as one of the leading providers of specialist short-term insurance for the commercial market and RHM will assist us in further building on this product offering.”
Samie says the acquisition will also position the company strategically to compete for a significant segment of Africa’s multi-billion dollar infrastructure developments. “The injection of RHM’s technical engineering expertise will effectively position us as one of the key players in this specialised insurance field on the African continent.”
RHM has acted as underwriting managers for Lion of Africa Insurance since January 2000, managing the company’s specialist engineering portfolio. “The RHM portfolio has made an enormous contribution to our growth and profitability over the years and the consolidation of the portfolio under the Lion of Africa Insurance banner is a natural progression for the business,” says Samie.
Bob McMillan stated that RHM have enjoyed a strong partnership with Lion of Africa Insurance to date and that the acquisition will strategically position the business for further growth in the years ahead.
Samie says that for the foreseeable future the engineering business portfolio will continue to be managed by director and founder Bob McMillan, who leads a specialist team renowned in the local and international engineering insurance market. He adds that RHM staff will also move into Lion of Africa Insurance’s national headquarters in Sandton.
The effective date of the transaction is 1 April 2011.
