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Santam acquires Regent's aviation book
Santam, the country's largest short-term insurer, is in negotiations with Regent Insurance Company to acquire Regent's aviation insurance book, with effect from 1 April 2012.
This will boost Santam's existing aviation business, making it the biggest in Africa.
"Acquiring Regent's aviation book not only boosts our already successful aviation business, but it also allows us to extend our way of doing insurance to a new customer base. We believe that Regent's customers will benefit from our industry expertise, service and claims efficiency," said Quinten Matthew, executive head of Santam's Specialist Business unit.
Backed by Santam's reputation and financial strength, the integrated aviation insurance business will leverage off Santam's strength as the leading short-term insurer in South Africa.
Once the transaction has been successfully concluded, Santam will underwrite, at its election, Regent's aviation insurance policies with effect from their renewal dates over a twelve month period as and when they occur.
Regent will continue to service its existing customers until their policies have been run-off and further details as to how this service is to be provided will be communicated separately to Regent's existing customers. Until such time as the transaction is concluded and all conditions precedent have been fulfilled, all dealings with Santam and Regent will remain unchanged.
Source: I-Net Bridge
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