Capricorn Group offloads shares to Sanlam
Capricorn Group and Sanlam Namibia Holdings successfully concluded a transaction for the former to sell all its shareholding in Welwitschia Insurance Brokers to Sanlam Namibia Holdings, earlier this week.
Capricorn Group holds 29.5% shareholding in Sanlam Namibia Holdings and the two groups have over the years built a strong working relationship, especially through Capricorn Group’s flagship brand, Bank Windhoek.
“The shareholding of Capricorn Group in Sanlam Namibia Holdings will not be affected by this transaction. Staff members of Welwitschia will all remain in the employment of Welwitschia Insurance Brokers but will henceforth form part of the Sanlam Namibia Holdings group. The transition of our employees at Welwitschia to Sanlam Namibia Holdings was carefully managed and planned so as not to disrupt the service to our valued clients and also considered any potential impact on staff,” said Thinus Prinsloo, Managing Director of Capricorn Group.
“I want to assure the clients and stakeholders of Welwitschia that Riaan Louw, the acting Managing Director and the management team of Welwitschia will continue to lead the company with the support of Sanlam Namibia Holdings. The benefits of this transaction to the clients of Welwitschia are an improved offering and service to clients, more streamlined processes and increased support,” said Tertius Stears, CEO of Sanlam Namibia Holdings.
The two CEOs said there are no immediate plans to change the name of Welwitschia Insurance Brokers.
“Capricorn Group is proud of its association with Sanlam Namibia Holdings and look forward to strengthen our bancassurance relationship with this well-diversified financial services group, to the benefit of our mutual clients and stakeholders. I am pleased to confirm that, for the convenience of our clients, Welwitschia will retain their offices in the Bank Windhoek branches and we trust that the excellent client service provided by the Welwitschia team will even be better going forward,” concluded Prinsloo.