MOMENTUM Short-term Insurance was launched at Walvis Bay last week.
MMI Holdings Namibia acquired a 70% stake in Quanta Insurance in order to widen its business portfolio to provide the general public with short-term insurance solutions.
“Quanta insurance is a fully owned Namibian company with a strong broker network and deep understanding of the Namibian business landscape, hence a perfect partner to team up with MMI Holdings,” said Georg Garrels, chief operating officer for MMI Holdings Namibia at the launch. After the merger, the business was named Momentum Short-term Insurance (MSTI).
“Our strategic investment in MSTI is to give their balance sheet leverage to attract more business from brokers and to give the local team access to the current South African MSTI products and knowledge in personal lines, while allowing the MSTI team to drive the business locally with minimal constraints from integration into the larger MMI,” according to Garrels. MMI Namibia is a subsidiary of the MMI Group, listed on the JSE with a market capitalisation of more than N$23 billion.
Under the brands of Momentum, Metropolitan/Swabou and Medhealth, MMI Namibia has assets of more than N$7 billion.
In total, the group serves more than 700 000 policy holders and members in their life and health business out of a branch network 29 branches all over Namibia, and now offers life, health, short-term options, while the Momentum wealth option will be launched shortly.
