JOHANNESBURG – Santam’s (JSE:SNT) Swanvest will buy majority control of MiWay from Sanlam Life Insurance for R240m.
Swanvest will acquire Sanlam Life’s 68.75% interest as well as preference shares in Misty Sea Trading 267.
Sanlam took the decision to sell the business in its bid to restructure and consolidate its South African short-term insurance business interests under Santam.
Swanvest currently owns 31.25% of MiWay.
In a Sens, Santam said: “MiWay, through its wholly owned subsidiary MiWay Insurance Limited, is an authorised financial services provider and registered short-term insurer that offers a range of financial products and services directly to the consumer.
“MiWay`s initial offering comprises short-term insurance, motor warranty and credit life, and there are long term plans to extend this offering to a
comprehensive array of financial services.
“MiWay will continue to conduct its business as a separate subsidiary of Santam with its own licence, brand, management, staff, IT systems, rating model and underwriting rules. Sanlam will retain access to the MiWay structures to distribute other financial services products.”
Sanlam became a majority shareholder of Santam in 1954.