Sanlam buys Super Group insurer

Johannesburg - Super Group (SPG) announced on Friday that agreement has been reached with short-term insurer Santam (SNT) in terms of which the latter will acquire Emerald Insurance Company Limited, a wholly-owned subsidiary of Super Group.

Super Group said the sale proceeds of the transaction will be utilised to settle a portion of its short-term debt.

The transaction is part of the group's refocused strategy which includes the disposal of certain non-core assets. Super Group also recently announced a recapitalisation and debt restructure.

Emerald's primary activities are writing third party commercial property and engineering insurance, cell captive management and third party insurance administration. Emerald is recognised as one of South Africa's leading underwriters in property and engineering insurance.

- I-Net Bridge