Momentum takes over Alexander Forbes’ short term business
Momentum Short Term Insurance Chief Executive, Johan Barnard, this week gave another major step in taking his company from a niche insurer to a major full-service insurer. On Friday he announced the acquisition of Alexander Forbes Insurance Namibia.
Momentum Metropolitan Namibia, through its subsidiary Momentum Short Term Insurance Namibia (MSTIN) and Alexander Forbes Namibia Holdings have entered a binding agreement for the former to acquire the latter’s full shareholding.
Alexander Forbes (AF) Insurance Namibia is a personal, commercial and Alternative Risk insurance provider with a business model that focuses on a personalised approach to sales and service with niche offerings. Alexander Forbes Insurance is Namibia’s fourth largest insurere by market share in gross written premium and the largest in ART Structured insurance.
Momentum Short Term Insurance Namibia’s focus was predominately on commercial insurance and selective personal lines; however, the acquisition will enable an extensive product range due to a very strong presence in personal lines, ART and other niche insurance solutions.
Barnard assured clients that, while there will be a future name change, all clients will still have access to the same products and services, be serviced by the same people and retain their same premium as before. “Client Centricity is of upmost importance”, Barnard emphasized.
“Nothing will really change, it’s business as usual” confirmed the Alexander Forbes Chief Executive, Johan Verwey.
Momentum Clients will soon reap the benefits of having access to Alexander Forbes’ range of personal lines products, whilst Alexander Forbes Clients will benefit from the commercial products of Momentum, as well as Momentum Life Insurance, Momentum Critical Illness & Disability Cover, Momentum Umbrella Pension Funds, Momentum Investments and Metropolitan’s products, due the association with Momentum Metropolitan Namibia.
“With this transaction, Momentum can now claim to have the best products and solutions in the Short-term and Life insurance industry, as well as Investments and Structured Insurance like cell captives and self-insurance solutions,” said Barnard.
Momentum Short Term Insurance Namibia will now provide a comprehensive, differentiated and diversified product and service offering, as well as group support to clients,” Barnard concluded.
Johan Barnard, Chief Executive of Momentum Short Term Insurance, discussing the road forward with Johan Verwey, Managing Director of Alexander Forbes Insurance. This week, Momentum announced that it has taken over the Alexander Forbes short-term unit.