JOHANNESBURG Nov 4 South African insurer MMI
Holdings said on Monday it will buy the specialist
insurance unit of financial services firm Alexander Forbes
for 1.6 billion rand ($157 million) to help diversify
MMI said it will pay for the Guardrisk unit of unlisted
Alexander Forbes from its capital, adding the deal would give it
specialist insurance products for large corporate clients.
Alexander Forbes said the sale was in line with its strategy
of targeting individual and public-sector customers.
Alexander Forbes is planning to list on the Johannesburg
Stock Exchange in the second half of next year, its chief
executive has said.
The company was taken private in 2007 by a group of private
equity investors led by London-based Actis and South African
Shares of MMI were flat at 24.70 rand at 0729 GMT.
($1 = 10.1689 South African rand)
(Reporting by David Dolan; Editing by Ed Stoddard)