Santam current Chief Executive to step down, new Chief Executive appointed

The Board of Santam Limited and Mr Steffen Gilbert, the Chief Executive of Santam Limited, today announced a decision made by mutual agreement, whereby Mr Gilbert will step down as Santam CEO with effect from 14 June 2007, thereafter serving a six-month notice period.

In addition, the Santam Board has appointed Mr Ian Kirk (49) to succeed Mr Gilbert as Chief Executive of Santam Limited with effect from 14 June 2007. Mr Kirk is the Chief Executive: Strategy and Special Projects at Sanlam Limited. He is the former Deputy CEO of the Liberty Group and, prior to that, the CEO of Capital Alliance Holdings until it was acquired by the Liberty Group in 2004. He has considerable non-life insurance experience.

Mr Gilbert was appointed as Santam's Chief Executive in July 2003 to add momentum to the Group's strategic repositioning, specifically in the areas of setting strategic focus, reinsurance and client service. After successfully meeting these deliverables, as well as driving Santam's capital reduction and share buyback programmes and initiating the Group's Black Economic Empowerment transaction, it was agreed that a fresh approach is required to drive Santam's business strategy forward.

Mr Desmond Smith, chairman of the Board of Santam said: "Steffen has been instrumental in improving Santam's operational performance and reinsurance synergies and the Board would like to thank him for his dedication and commitment. The Group, under Ian Kirk, will continue along the path Steffen has helped us define."

He added that the Board strongly supports the current management team and has faith in the strategy on which Santam has embarked. It was confident that, in appointing Ian Kirk, who has been a key member of Sanlam's Executive committee, driving group wide growth, optimisation and capital management strategies, the new CEO fully understands and supports the strategic development of Santam.