Liberty expands into Botswana and Malawi
It will buy Botswana short-term insurer Prefsure and take a majority stake in Malawi-based Charter Insurance Company
SA’s number four 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 on Wednesday. Liberty will buy Botswana short-term insurer Prefsure and take a majority stake in Malawi-based private short-term insurer Charter Insurance Company, Liberty 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 CEO Thabo Dloti. Charter has a 5% market share in Malawi while Prefsure services Botswana’s retail consumer market. Liberty is majority-owned by Standard Bank, which has also expanded its presence on the continent in recent years. Reuters
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