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The Competition Tribunal and the JSE approve MMI 100% acquisition of Momentum Short Term Insurance

17 October 2012 Momentum Short Term Insurance

The Competition Tribunal has approved unconditionally the 100% acquisition of Momentum Short Term Insurance by MMI Holdings Limited from OUTSurance Holdings Limited, a subsidiary of Rand Merchant Insurance Holdings Limited (RMI). The Johannesburg Stock ex

MMI announced in June‚ through its wholly-owned subsidiary Momentum Group Limited‚ it had entered sale agreement with OUTsurance whereupon fulfilment of certain suspensive conditions would acquire OUTsurance's 50% shareholding in Momentum Short-term Insurance Company Limited (MSTI).

MSTI Chief Executive Brant Pretorius comments on the approval of the transaction, “We are well on our way to realise our full potential, from product design to developing client-centric client services capabilities that will also place our intermediaries right at the centre of what we do. Overall, the approvals are a sign of great progress within the business and solidify our future foundations within the MMI Group even more”.

The short term insurer has since then made a number of strategic appointments in key roles including a new Chief Financial Officer, Chief Commercial Officer, Chief Actuary and Head of Human Capital.

MSTI was established nearly seven years ago and had been profitable since, by specialising in short-term insurance solutions for personal and commercial lines through a network of registered and/or affiliated intermediaries.

The business has been growing by more than 11% per annum since its creation and went on to improve its profit in line with the industry average of 7% per annum.

Appointments made so far:

Renee Rautenbach has been appointed Chief Financial Officer: Rautenbach is a Chartered Accountant and also holds a Master’s degree in South Africa and International tax (cum laude).

Imran Mahomed will fulfil the role of Chief Commercial Officer. Mahomed is a qualified Actuary with over 14 years of experience in the Financial Services industry.

Savina Harrilall will head up Human Capital & Organisational Development. Harrilall is an Industrial Psychologist who holds a Master’s degree in Industrial Psychology.

Rudolf Britz has been appointed to the role of Chief Actuary. He is a qualified Actuary with more than 12 years of financial services experience.

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