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Cape Town - Sanlam Emerging Markets (SEM) announced on Thursday that it has acquired a stake in UK-based micro-insurance provider, MicroEnsure.
The company has a strong footprint in emerging markets that overlaps with that of SEM in Africa, India and South-East Asia.
In terms of the deal, Sanlam will take up a 22% shareholding for an undisclosed amount.
SEM CEO Heinie Werth said the partnership is in line with Sanlam’s stated strategy of pursuing value-creating growth opportunities and reaching the lower income segments that also have insurance needs in emerging markets.
“We see micro-insurance – which includes the buying of insurance products through mobile phones at premiums of $1.50 per month or lower – as a substantial opportunity for growth across all our markets," said Werth.
"Micro-insurance is gaining momentum and appeal in emerging markets worldwide, since the products are easy to access, simple to understand, they require minimal paperwork, and are cost-effective."
As at 30 April 2014, MicroEnsure had 7.6 million enrolled clients globally of which approximately 4.8 million were in Africa and 2.8 million were in Asia.
The company has a strong footprint in emerging markets that overlaps with that of SEM in Africa, India and South-East Asia.
In terms of the deal, Sanlam will take up a 22% shareholding for an undisclosed amount.
SEM CEO Heinie Werth said the partnership is in line with Sanlam’s stated strategy of pursuing value-creating growth opportunities and reaching the lower income segments that also have insurance needs in emerging markets.
“We see micro-insurance – which includes the buying of insurance products through mobile phones at premiums of $1.50 per month or lower – as a substantial opportunity for growth across all our markets," said Werth.
"Micro-insurance is gaining momentum and appeal in emerging markets worldwide, since the products are easy to access, simple to understand, they require minimal paperwork, and are cost-effective."
As at 30 April 2014, MicroEnsure had 7.6 million enrolled clients globally of which approximately 4.8 million were in Africa and 2.8 million were in Asia.
