STEPHEN CRANSTON: After outfoxing peers, Santam rules the roost
The short-term insurance sector used to have quite a wide choice of counters: most financial conglomerates had a horse in the race whether it was Liberty with Guardian National or Old Mutual with Mutual & Federal. Even Anglo American, in the days when it wanted a finger in every pie in the SA economy, controlled SA Eagle.
Commercial Union’s SA business was listed, and in the days when a lot of business was still conducted in the Rand Club it ran almost the entire Gold Fields insurance book. Interlopers such as Douw Steyn of Auto & General wouldn’t have got through the doors. M&F would have stood out as the premier insurance brand. Before he became chair of Old Mutual, Mike Levett spent much of the 1970s and 1980s building it into a strong brand with a reliable reputation and an ironclad balance sheet...
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