JOHANNESBURG – Alexander Forbes yesterday confirmed that it had put a “for sale sign” on its insurance businesses with insiders saying Sanlam is in pole position to acquire the assets. The firm, which revealed its new strategy in an update to shareholders, said that its “advice-led and capital-light” model would see it selling its insurance businesses which comprise of Group Risk, Retail Life, and Short-term insurance.
The mooted sale of the insurance business marks a 360 degrees turnaround from the position the company took just over a year ago. This month Business Report said that Alexander Forbes was planning to sell its short-term insurance business to Sanlam’s subsidiary, Santam, for R1.5billion to R2billion.
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