NNAC strategic investment in AC&E Engineering Underwriting Managers
11 April 2014 | Company News & Results | New National | NNAC
New National Assurance Company (NNAC), the country’s oldest empowered short term insurer, has announced that it has taken a significant equity stake in its exclusive administrator, AC& E Engineering Underwriting Managers, in an all-cash deal.
Commenting on the sale, Mahmoud Rajab, Executive Chairman of NNAC, said, "We are delighted to have cemented even closer ties between our two companies. This is a logical extension of our mutually beneficial partnership and we look forward to an even greater growth trajectory in the engineering sector. AC&E are arguably the fastest growing – and thanks to their consecutive Diamond Arrow Awards, are unarguably the best – engineering administrator in the country, and we look forward to the next level of our partnership.”
Anne-Marie Fourie, Managing Director of AC&E, commented "Concluding this deal with NNAC makes sound business sense for us. NNAC have been great principals of AC&E for several years and this deal will allow us to align ourselves even more and present an even better service offering to the market.”
As part of the terms of sale. NNAC will be entitled to board representation. Anne-Marie Fourie will continue to be the Managing Director of AC&E, and Kalim Rajab of NNAC will assume the Chairmanship role.
NNAC is an A rated insurer and Level 2 BBBEE contributor, with 2013 premiums of over R1bn. For further details contact Anne-Marie Fourie at [email protected] or visit www.nnac.co.za
