Deal shows he was never placed to do Sanlam’s bidding, says Alexander Forbes CEO
Momentum pays a premium over and above asset value to acquire short-term insurance business
Alexander Forbes CEO Dawie de Villiers says the sale of the group’s short-term insurance business to Momentum Metropolitan Holdings (MMH) will destroy the perception that he was placed at the country’s largest pension fund administrator to do Sanlam’s bidding.
“We were pretty happy with the price. But the more pleasing for me about the sale is the actual process that we followed. I was under scrutiny personally from the start when I joined here that I’m placed here by Sanlam to do deals with Sanlam and I was this jockey boy,” he said.