Conduit Capital seals deal to sell insurance unit
The sale of Constantia Risk and Insurance to Namibian group Trustco is expected to be completed by March
Investment holding company Conduit Capital has reached agreement in a R2bn sale of its insurance business to Namibian financial services group Trustco.
The sale to Trustco’s subsidiary Legal Shielding Holdings (LSH) is expected to be implemented by end-March 2020, the company said on Monday. In it Conduit Capital will take a 16.1% stake in LSH.
Conduit Capital said the sale of its insurance business, Constantia Risk and Insurance, will bolster its balance sheet and give it an investment in a larger and more diversified financial services provider.
LSH, which has a client base of 280,000, owns real estate assets in Namibia.
“The combination of Constantia with LSH will allow Constantia to benefit from a larger balance sheet which will unlock growth and value creation opportunities in the South African, Namibian and other international insurance markets,” the company said.