Bidvest Insurance expands with new acquisitions

Johannesburg - The Bidvest Insurance Group announced on Wednesday that it has acquired FMI and Glassock & Associates.

FMI is a life insurance underwriting manager specialising in income protection and Glassock & Associates, a Johannesburg pension and provident fund administrator.

According to a statement by Bidvest, FMI will spearhead its expansion into more complex life insurance products distributed through brokers and intermediaries.

"The Bidvest strategy is to turn ordinary companies into extraordinary performers, delivering strong and consistent shareholder returns in the process," says Mark Paton, MD of Bidvest Insurance Group.

Brad Toerien, CEO of FMI, said by leveraging the strength of Bidvest FMI can pursue its plans and accelerate its growth.

Bidvest said the acquisitionn of Glassock will add notable scale to the business and bring significant growth for both companies.

Trevor Glassock will be heading up this new division within Bidvest Insurance Group. He regards it as an exciting new venture for both companies and is looking forward to a mutually beneficial partnership for everyone involved.