MMI Holdings unveils new structure
Johannesburg - Momentum and Metropolitan Holdings [JSE:MET] on Thursday announced the business structure and leadership team for MMI Holdings (MMI) in the proposed merger between these two insurance-based financial services companies.
In addition to the various corporate services, the businesses of the group would be combined into six primary business clusters: Momentum retail, Metropolitan retail, investments, employee benefits, health and international.
The process was jointly managed by MMI CEO Nicolaas Kruger and deputy CEO Wilhelm van Zyl.
“This was a comprehensive and consultative process where both Momentum and Metropolitan business unit heads provided input and direction for the new structure through a guided strategic planning process,” said Kruger.
“Diversity was and will remain one of the key principles in forming the MMI exco and we are pleased to have a strong team to lead the group in its initial stages,” Kruger said.
MMI will form the third-largest listed insurer in South Africa, with an embedded value of about R30bn.
The group is set to list on the JSE on December 1 2010.