MMI Holdings leadership announced

Wilhelm van Zyl

Momentum and Metropolitan today announced the business structure and leadership team for MMI Holdings Limited (MMI), in the proposed merger between these two insurance-based financial services companies. After completing one of the most comprehensive due diligence processes in South African corporate history and gaining all the requisite regulatory approvals, MMI will form the third largest listed insurer in South Africa, with an embedded value of around R30 billion. The Group is set to list on the JSE Limited on 1 December 2010.

To ensure fairness, the appointment of MMI’s executive committee was based on predetermined and mutually agreed principles between Metropolitan and Momentum. The process was jointly managed by MMI’s CEO and Deputy CEO, Nicolaas Kruger and Wilhelm van Zyl.

MMI Holdings CEO Nicolaas Kruger says “This was a comprehensive and consultative process where both Momentum and Metropolitan business unit heads provided input and direction for the new structure through a guided strategic planning process.” As a result, it was decided that, in addition to the various corporate services, the various businesses of the group would be combined into six primary business clusters, namely Momentum Retail, Metropolitan Retail, Investments, Employee Benefits, Health and International.

“Diversity was and will remain one of the key principles in forming the MMI exco and we are pleased to have a strong team to lead the Group in its initial stages,” Kruger added.