Momentum Nam acquires Alexander Forbes Insurance Nam

STAFF REPORTER - Momentum Metropolitan Namibia, through its subsidiary Momentum Short-Term Insurance Namibia (MSTIN), and Alexander Forbes Namibia Holdings have entered a binding agreement where MSTIN has acquired all the issued shares of Alexander Forbes Insurance Namibia.

Alexander Forbes Insurance Namibia is a personal, commercial and alternative risk insurance provider with a business model that focuses on a personalised approach to sales and service with niche offerings. The business is a leading insurance provider in Namibia – it is the fourth largest by market share in gross written premiums and the largest in alternative risk transfer (ART) structured insurance like cell captives and self-insurance solutions.

MSTIN’s focus was predominately on commercial insurance and selective personal lines. However, the acquisition will enable an extensive product range due to a very strong presence in personal lines, ART and other niche insurance solutions.

Johan Barnard, CEO of MSTIN, assures clients that, while there will be a future name change, all clients will still have access to the same products and services, be serviced by the same people and retain their same premium as before.

“Client centricity is of utmost importance,” Barnard emphasises.

“Nothing will really change, it’s business as usual,” says Johan Verwey, managing director of Alexander Forbes Insurance Namibia.

BEST PRODUCTS, SOLUTIONS

Momentum clients will soon reap the benefits of having access to Alexander Forbes’ range of personal lines products, while Alexander Forbes Clients will benefit from the commercial products of MSTI, as well as Momentum Life Insurance, Momentum Critical Illness & Disability Cover, Momentum Umbrella Pension Funds, Momentum Investments and Metropolitan’s products, due the association with Momentum Metropolitan Namibia.

“With this transaction, Momentum can now claim to have the best products and solutions in the short-term and life insurance industry, as well as investments and structured insurance like cell captives and self-insurance solutions,” says Barnard.

MSTIN will now provide a comprehensive, differentiated and diversified product and service offering, as well as group support to help clients achieve their financial goals on their journey to success.

All clients of Alexander Forbes Insurance will continue to be assisted at the premises of Alexander Forbes Insurance on the 2nd Floor, The Steps @ 1, on the corner of Frankie Fredericks and Chasie Street, Kleine Kuppe, Windhoek.

All coastal clients of Alexander Forbes Insurance and Momentum Short-Term Insurance will continue to be assisted at the premises of Alexander Forbes Insurance on the Ground Floor, Swakop Plaza, in Libertina Amadhila Street, Swakopmund.