MMI Holdings Namibia get 70% stake in Quanta Insurance
MMI Holdings Namibia Limited and Quanta Insurance Limited entered into an agreement where MMI will acquire a 70% equity stake in Quanta Insurance.
The announcement of the transaction which was made this week will be subject to regulatory approvals from the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority.
MMI’s client-centric vision to be the preferred lifetime financial wellness partner, with a reputation for innovation and trustworthiness, requires MMI to provide holistic solutions that cater for a wide range of financial services needs of clients. To this end, the addition of short-term insurance to the current MMI Namibia offering will bolster the group’s ongoing pursuit to enhance the financial wellness of the Namibian nation.
Commenting on the transaction, Group CEO of MMI Holdings Namibia, Jason Nandago said that “we are pleased to enter this agreement with Quanta Insurance, we share the same values and culture and we have been very impressed with Quanta Insurance’s strong management capability.”
He added, “acquiring a 70% stake in an established short-term insurer gives MMI Holdings access to short-term insurance skills and experience and allows the group to diversify its portfolio. We will explore and maximise inherent synergies resulting in increased revenue to the benefit of stakeholders and the economy at large”.
Johan Barnard, the Managing Director of Quanta Insurance, said, that “The transaction is confirmation of the success and track record that Quanta garnered during the short time that we have been part of the Namibian Insurance landscape. The MMI group footprint will allow Quanta to spread its wings in terms of the offerings to the public via our trusted broker network.”
“The capital injection that is part of this transaction will further solidify our balance sheet and allow Quanta to grow our market share. We are excited to explore this new venture and invite our brokers, clients and interested parties to join us in the journey ahead,” he further said.
Caption: Group CEO of MMI Holdings Namibia, Jason Nandago