Santam acquires majority stake in Mirabilis

SANTAM, South Africa’s leading short-term insurer, has acquired a majority stake in Mirabilis Engineering Underwriting Managers (Mirabilis) to strengthen its already excellent capability and service offering to the engineering sector and engineering insurance industry nationally.

Quinten Matthew, executive head of specialist business at Santam, says that Santam has merged its Construction and Engineering Underwriters (CEU) underwriting management business with that of Mirabilis in exchange for a 55 percent shareholding in the merged entity. Santam has, in this deal, created the premier engineering underwriting business in the country. The merged entity will continue to be known as Mirabilis Engineering Underwriting Managers with the 45 percent balance of shareholding retained by Mirabilis management shareholders.

Russell Myers, Mirabilis MD says: “Mirabilis will continue to operate independently. Ours is a successful business that’s showing robust growth. Our partnership with Santam now enables us to leverage off of Santam’s strength as leading short-term insurer in South Africa, and to further grow our share of this market.”

Matthew: “We welcome Mirabilis into the Santam stable of partner companies, and we’re excited at the opportunities the merger brings. It opens up avenues for quantum growth in the engineering sector. Mirabilis will enable us to provide even better service to our business partners and clients, and Santam’s stature will give Mirabilis extended market reach and clout.”