Thursday, 25 July 2019 16:06

Momentum has acquired the short-term insurance business of financial services group Alexander Forbes for around 1.94 billion rand, the two companies said.

Momentum further said in a stock exchange statement that the unit was a well-run insurance business with a stable and experienced management team, and that there was a strong cultural fit for the unit within its broader business.

However Alexander Forbes will be exploring opportunities to acquire a similar focused employee benefits business that supports its strategy.