King Price Insurance has put in a bid for some of Alexander Forbes's insurance assets which, if successful, would double the size of its business, King Price CEO Gideon Galloway told Business Times. Galloway said the price would be more than R1bn. Alexander Forbes, a financial services group that has a strong presence in retirement-fund administration and employee benefits, announced last month it was seeking a buyer for its insurance businesses. The portfolio on sale includes life insurance and group risk too, but it's the short-term insurance book Galloway and his company are after. In seven years King Price has grown to selling 12,000 policies a month with annual sales estimated to reach around R1.8bn this year, Galloway said. Buying Alexander Forbes's short-term assets would instantly double King Price's size and would help it leapfrog about three years of development, he said. "It's a perfect fit for us. They have branches we can use. We can put our tech into their system and u...
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