Johannesburg - Santam [JSE:SNT]
, South Africa's largest short-term insurer, is in negotiations with Regent Insurance Company to acquire its aviation insurance book with effect from April 1.
This will boost Santam's existing aviation business, making it the biggest in Africa.
"Acquiring Regent's aviation book not only boosts our already successful aviation business, but it also allows us to extend our way of doing insurance to a new customer base.
"We believe that Regent's customers will benefit from our industry expertise, service and claims efficiency," said Quinten Matthew, executive head of Santam's specialist business unit.
Once the transaction has been successfully concluded, Santam will underwrite Regent's aviation insurance policies.