FNB Insurance Brokers builds Namibian base
FNB Insurance Brokers, short-term insurance arm of First National Bank, has announced its acquisition of W C Knight & Associates to add critical mass to its marketplace positioning in Namibia.
The business is one of the best known insurance brokers in Namibia with branches in Windhoek, Walvis Bay and Otjiwarango. The operation handles premium inflows of N$55 million a year.
FNB Insurance Brokers, based in Johannesburg, already has direct representation in the Namibian market and has previously focused on organic growth. It regards Namibia as a strategic growth point.
Keith Young, the director responsible for strategic growth at FNB Insurance Brokers, commented: “W C Knight & Associates is a well-established business that has served a loyal customer-base for more than 20 years.
“It adds about 30% to our Namibian business volumes across both commercial and personal lines. We are excited about the transaction as it enables us to strengthen our presence in a regional market with significant growth potential.
“Existing clients of W C Knight & Associates are assured of a seamless transition to new ownership and continued high levels of service. We can also add considerable value through our relationship with First National Bank, Namibia, and the synergies this can deliver.”
The transaction with W C Knight & Associates was finalised on June 1.
