Sanlam Emerging Markets concludes agreements with NICO Holdings

Mr Heinie Werth, SEM’s CEO.

Sanlam Emerging Markets (SEM) has announced that all the conditions have been met to complete the transaction agreed to in June 2014 in terms of which it acquired a stake in NICO Holdings’ general insurance businesses in Malawi, Zambia, Uganda and Tanzania.

Following the completion of the transaction, SEM, the cluster within the Sanlam Group tasked with expansion into international emerging markets, now holds 49% in NICO’s general insurance operations in Malawi, 49% in Zambia, 48.4% in Uganda and 32.7% in Tanzania.

SEM already held a 49% stake in NICO Life insurance in Malawi and SEM holds a 25.1% stake in NICO Holdings.

Says SEM’s Chief executive Officer, Mr Heinie Werth: “We are pleased with the conclusion of this transaction which further entrenches our relationship with NICO and strengthens our position in the region. We look forward to working with our partners in growing a sustainable business. We believe our industry experience and expertise will continue to add value to both our business partners and customers.”

SEM has recently concluded a number of acquisitions including the Soras Group of Rwanda and MCIS Insurance Berhad of Malaysia. SEM has also recently acquired a stake in the leading global micro-insurance specialists, MicroEnsure Holdings Ltd, which is based in the UK and has a footprint across Africa and India, serving more than 10 million enrolled clients.