Black-owned firm buys majority stake in Hollard-backed Lega
The deal forms part of plans by Hollard and its shareholders to encourage greater black participation in SA’s financial services sector
Sithega, a black-owned and managed investment holding company, has purchased a 62% stake in Legal Expenses Group Africa (Lega) for an undisclosed sum.
The deal means Sithega will join Hollard, SA’s largest privately owned insurer that holds the remaining 38% in Lega, which was founded in 1984 and ultimately owns nonlife insurers LegalWise, Scorpion Legal Protection and Family Insurance via subsidiary Legal Expenses Insurance Southern Africa (Leza). The Lega group collected more than R850m in gross premium income for the year to end-June 2022 and has about 1,000 employees across SA, Botswana and Namibia...
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