August 30, 2017 / 4:18 PM / a year ago

MMI Holdings' Namibian unit buys 70 pct stake in short-term insurer Quanta

WINDHOEK, Aug 30 (Reuters) - Financial services group MMI Holdings Namibia, a local unit of South African-listed MMI Holdings, has bought a 70 percent stake in short-term insurer Quanta Insurance, the companies said on Wednesday.

MMI Holdings Namibia Chief Executive Jason Nandago said the acquisition gave his company an entry into short-term insurance and diversified its portfolio. Quanta Insurance launched in Namibia in May 2015 and MMI Holdings is present in 12 African countries outside of South Africa.

“The MMI group footprint will allow Quanta to spread its wings in terms of the offerings to the public via our trusted broker network,” Quanta Insurance Managing Director Johan Barnard said.

The transaction is subject to approval by Namibia’s Competition Commission and the Financial Institutions Supervisory Authority. (Reporting by Nyasha Nyaungwa; editing by Susan Thomas)

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