JOHANNESBURG Oct 19 South Africa's No.4
insurer, Liberty Holdings, will buy stakes in two
unlisted short-term insurers in Malawi and Botswana as part of
its planned expansion into the rest of Africa, the company said
Liberty will buy Botswana short-term insurer Prefsure
Limited and take a majority stake in Malawian based private
short-term insurer Charter Insurance Company Ltd, the company
said in a statement. Financial details about the transactions
were not disclosed.
The acquisitions form part of Liberty's strategy of growth
into Africa, which has a growing number of people who can invest
in insurance to protect their wealth and assets.
"Liberty aims to become one of the leading insurers in the
growing East, Central and Southern African regions," said
Liberty chief executive Thabo Dloti.
Charter has a 5 percent market share in Malawi while
Prefsure services Botswana's retail consumer market.
Liberty is majority-owned by South African lender Standard
Bank, which has also expanded its presence on the
continent in recent years.
(Reporting by Tanisha Heiberg; Editing by Ed Stoddard)