‘COMMITMENT TO SA’
Sanlam in control of BrightRock
Sanlam has clinched the first major deal on home soil in a while, agreeing to acquire a majority stake in smaller insurer BrightRock for up to R707m. Sanlam’s life insurance subsidiary will purchase 53% of the needs-matched insurer, valuing BrightRock at about R1.3bn. BrightRock offers products structured to adapt as each client’s needs change throughout life. Hennie de Villiers, deputy CEO of Sanlam Personal Finance — the insurer’s South African retail cluster — said the deal was testimony to Sanlam’s commitment to invest in SA. "Sanlam’s acquisition of a majority share in the company is in line with our strategy to seek profitable and sustainable growth opportunities," he said. The deal is still subject to regulatory approvals.
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